A = P nt A Suppose that you drive 40,000 miles per year and gas averages $4 per gallon. Complete parts a. and b. below. a. What will you save in annual fuel expenses by owning a hybrid car averaging 40 miles per gallon rather than an SUV averaging 16 miles per gallon? $6000 (Round to the nearest dollar as needed.) b. If you deposit your monthly fuel savings at the end of each month into an annuity that pays 5.2% compounded monthly, how much will have saved at the end of four years?
A = P nt A Suppose that you drive 40,000 miles per year and gas averages $4 per gallon. Complete parts a. and b. below. a. What will you save in annual fuel expenses by owning a hybrid car averaging 40 miles per gallon rather than an SUV averaging 16 miles per gallon? $6000 (Round to the nearest dollar as needed.) b. If you deposit your monthly fuel savings at the end of each month into an annuity that pays 5.2% compounded monthly, how much will have saved at the end of four years?
Algebra: Structure And Method, Book 1
(REV)00th Edition
ISBN:9780395977224
Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Chapter2: Working With Real Numbers
Section2.3: Rules For Addition
Problem 6P
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Transcribed Image Text:Use the following formula.
nt
P +
A =
r
-1
n
A
Suppose that you drive 40,000 miles per year and gas averages $4 per gallon. Complete parts a.
and b. below.
a. What will you save in annual fuel expenses by owning a hybrid car averaging 40 miles per
gallon rather than an SUV averaging 16 miles per gallon?
$6000
(Round to the nearest dollar as needed.)
b. If you deposit your monthly fuel savings at the end of each month into an annuity that pays
5.2% compounded monthly, how much will have saved at the end of four years?
(Round to the nearest dollar as needed.)
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