The business you are working for needs a delivery van. You just purchased a van for $70000 and plan on owning it for the next 10 years. You plan on driving it an average of 15000 miles per year. The cost per mile is expected to be $0.8 in the first year and increase by 0.035 per year thereafter. What is your average annual cost for owning the van over the 10 years at an interest rate of 0.040 per year? Your Answer: Answer