Given long term nominal interest rate

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You estimate that the electricity cost will be $1200 per year and your cost to maintain the car will start at $0 and increase at a rate of $20 per year after that, what amount should you put aside each year to “drive” the car, given a long term nominal interest rate of 6% over the life of the car, which you estimate will be 8 years?

Reference no: EM131899292

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