A farmer depreciates a $120,000 tractor. He estimates that the resale value V(t) (in $1000) of the tractor t years after purchase is 80% of its value from the previous year. Therefore, the resale value can be approximated by V(t) = 120(0.8)t.  a. Find the resale value 5 yr after purchase. Round to the nearest $1000.  b. The farmer estimates that the cost to run the tractor is $18/hr in labor, $36/hr in fuel, and $22/hr in overhead costs (for maintenance and repair). Estimate the farmer’s cost to run the tractor for the first year if he runs the tractor for a total of 800 hr. Include hourly costs and depreciation.

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