QUESTION 21 An individual is considering the purchase of a new car (mini van). The cost of a minivan is $25,000, and the estimated residual value after 10 years is $5,000, and maintenance & operating costs are to be $2500 per year. If he is able to earn 9% on investment, calculate the annual cost of the mini van using the concept of TVM. a. 3,566 b. 3,896 c. 6,066 d. 7,031