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Question 1 1 point Because of its age, your car costs $4,500 annually in maintenance expense. You could replace it with a newer vehicle costing

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Question 1 1 point Because of its age, your car costs $4,500 annually in maintenance expense. You could replace it with a newer vehicle costing $7,500 that would be expected to have a life of 4 years. If your opportunity cost of capital is 11%, by how much must maintenance exponse decrease on the new vehicle to justify its purchase? $ Number (please round your final result to 2 decimals, but keep as many decimals as possible during calculation)

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