Determine the eac for the auto

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Reference no: EM131807075

Joe Smith is buying a new car for $15,000. Maintenance the first year is expected to be $100. In each year for the next 5 years, the costs are expected to increase by $75 per year, so that in the last year (year 6), the maintenance cost will be $475. If money is worth 10%, determine the EAC for the auto.

Reference no: EM131807075

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