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Maria is thinking about buying a car. She figures her monthly payments will be exist90 for insurance, $30 for gas and exist20 for general maintenance. The car she would like to buy may last for 4, 5 or 6 years before a major repair with probabilities of 0.4, 0.4 and 0.2 respectively. Calculate the present worth of the expected expenses over the expected life of the car before a major repair if Maria's MARR is 16%, compounded monthly (Don't use the exist sign and coma in your answer)

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Financial Management, Finance

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