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You are considering buying a car that costs $19,359 today. You project that the car will lose 6.4% of its initial value each year for
You are considering buying a car that costs $19,359 today. You project that the car will lose 6.4% of its initial value each year for the next 9 years, starting next year, year 1. Also, you project that the car will require $1,126 for maintenance each year beginning next year, year 1. But, the car will help you to earn more money as a delivery driver in your spare time beginning next year, year 1. You project this income will be $5,151 each year through year 9. You then hope to be able to sell the car for $5,712 after 9 years. What is the present value of the car if the discount rate is 2.53%? Round to two decimals and use a negative sign if needed
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