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Legacy vs Serverless Trade-offs

MediumSystem Design00:00
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Your question is Legacy vs Serverless Trade-offs. Take a moment with it on the right.

Talk me through your thinking if you like. When you're confident, submit your answer and I'll grade it like a real screen (7/10 or better passes).

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Problem

How would you evaluate the trade-offs between an on-premise legacy system and a serverless architecture in terms of long-term cost and maintenance?