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Please provide solution in excel and detailed excel snippet Question 5 [2:] points] You are considering the purchase of a new car and are weighing
Please provide solution in excel and detailed excel snippet
Question 5 [2:] points] You are considering the purchase of a new car and are weighing the choice between a Toyota Camry Hybrid sedan [which assists a gasoline engine with an electric motor powered via regenerative braking} and the Toyota Camry Non- Hybrid sedan l{just a standard gasoline engine}. The non-hybrid version costs $23,001] with fuel economy of 2D miles per gallon in city driving and 3|]I miles per gallon in highway driving. 111e hybrid version of the car costs $31,000 with fuel economy of 1-12 miles per gallon in city driving and ill] miles per gallon in highway driving. 'I'ou plan to keep the car for ID years. Your annual mileage is uncertain; you only know that each year you will drive between EIJJIJIJ and 13,001] miles. Based on your past driving patterns, lm of your miles are city driving and Mitt of your miles are highway driving. Assume that the gas price remains constant at $2.19 per gallon throughout the ID years. Is there a cost savings when purchasing the hybrid version? If so, how much on average? Hint - 111e distance travelled each year is the random variable. - Simulate the distance for it] years and then calculate the averageStep by Step Solution
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