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What should be your reimbursement rate per mile

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Question - You are considering to invest $11,000 in a vehicle which is expected to last 3 years with a salvage value of $4,800. The annual operating and maintenance costs for the vehicle for year 1, 2, and 3 are expected to be $1801, $1848, and $1876 respectively. If the expected miles driven on the vehicle during year 1, 2, and 3 are 14,500, 13,000, and 11,500 respectively, and the interest rate is 7% what should be your reimbursement rate per mile so that you can break even?

Reference no: EM133152125

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