Tom is considering purchasing a $23,000 car. After four years, he will be able to sell the vehicle for $6,000. Petrol costs will be $1,600 per year, insurance $400 per year, and parking $300 per yee Maintenance costs for the first year will be $800, rising by $700 per year thereafter. The alternative is for Tom to take taxis everywhere. This will cost an estimated $8,000 per year. Tom will rent a vehicle each vear at a total cost (to year-end) of $700 for the family vacation, if he has no car. If Tom values money at 12 percent annual interest, should he buy the car? Use an method. Click the icon to view the table of compound interest factors for discrete compounding periods when i=12%. The annual cost of Tom purchasing a car is $. The annual cost of Tom using taxis instead is $. Thus, Tom purchase a car. (Round to the nearest dollar as needed.)