Have you ever heard of Chamberlain's formula, which claims to be a model that tells you how many years you should drive your present car before you buy a new one? If y is this number of years, then Chamberlain's formula reads GMC (G - M)DP y = where G is the new car's gas mileage, M is your present car's gas mileage, C is the cost in dollars of the new car, D is the number of miles you drive in a year, and P is the dollar price of gasoline per gallon. Suppose the new car's gas mileage is 33 mi/gal, the old car's gas mileage is 13 mi/gal, the price of the new car is $30,000, you drive 15,000 mi/year, and the cost of gasoline is $5.00/gal. How many years should your old car have been driven to justify buying the new one?

Have you ever heard of Chamberlain's formula, which claims to be a model that tells you how many years you should drive your present car before you buy a new one? If y is this number of years, then Chamberlain's formula reads GMC (G - M)DP y = where G is the new car's gas mileage, M is your present car's gas mileage, C is the cost in dollars of the new car, D is the number of miles you drive in a year, and P is the dollar price of gasoline per gallon. Suppose the new car's gas mileage is 33 mi/gal, the old car's gas mileage is 13 mi/gal, the price of the new car is $30,000, you drive 15,000 mi/year, and the cost of gasoline is $5.00/gal. How many years should your old car have been driven to justify buying the new one?

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Concept explainers

Differential Equations

Have you ever observed the movement of the satellites and rockets or how the planets go around the sun in their orbits? How will you determine their motion? Definitely they follow some scientific laws and these kinds of problems are framed as differential equations.

Question

Have you ever heard of Chamberlain's formula, which claims to be a model that tells you how many years you should drive your present car before you buy a new one? If y is this number of years, then
Chamberlain's formula reads
GMC
y =
(G - M)DP
where G is the new car's gas mileage, M is your present car's gas mileage, C is the cost in dollars of the new car, D is the number of miles you drive in a year, and P is the dollar price of gasoline per gallon.
Suppose the new car's gas mileage is 33 mi/gal, the old car's gas mileage is 13 mi/gal, the price of the new car is $30,000, you drive 15,000 mi/year, and the cost of gasoline is $5.00/gal. How many years should
your old car have been driven to justify buying the new one?
yr

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