It costs $200 to buy a lawn mower from a lawn supply store. Assume that I can keep a lawn mower for at most 5 years and that the estimated maintenance cost each year of operation is as follows: year 1, $50; year 2, $80; year 3, $140; year 4, $160; year 5, $180. I have just purchased a new lawn mower. Assuming that a lawn mower has no salvage value, determine the strategy that minimizes the total cost of purchasing and operating a lawn mower for the next 10 years.
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