(Solution) - Bill s father read that at the end of each year -(2025 Original AI-Free Solution)

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Bill's father read that, at the end of each year, an automobile is worth 25% less than it was at the beginning of the year. After a car is three years old, the rate of decline reduces to 15%. Maintenance and operating' costs, on the other hand, increase as the age of the car increases. Because of the manufacturer's warranty, first-year maintenance is very low.
Age of Car  Maintenance
(Years)   Expense
1  $ 50
2  150
3  180
4  200
5  300
6  390
7  500
Bill decided this is a good economic analysis problem. Bill's dad wants to keep his annual cost of automobile ownership low. The car Bill's dad prefers costs $11,200 new. Should he buy a new or a used car and, if used, when would you suggest he buy it, and how long should it be kept? Give a practical, rather than a theoretical, solution.