ADVANCED MATHSuppose it costs $10,000 to purchase a new car. The annual operating cost and resale value of a used car are shown in Table 4. Assuming that one now has a new car, determine a replacement policy that minimizes the net costs of owning and operating a car for the next six years. Table 4:$
$$
\begin{matrix} \text{Age of Car (Years)} & \text{Resale Value (S)} & \text{Operating Cost (\$)}\\ \text{1} & \text{7,000} & \text{300 (year 1)}\\ \text{2} & \text{6,000} & \text{500 (year 2)}\\ \text{3} & \text{4,000} & \text{800 (year 3)}\\ \text{4} & \text{3,000} & \text{1,200 (year 4)}\\ \text{5} & \text{2,000} & \text{1,600 (year 5)}\\ \text{6} & \text{1,000} & \text{2,200 (year 6)}\\ \end{matrix}
$$
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