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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