4.2 Answer b question Use the following formula.ntA =0Suppose that you drive 50,000 miles per year and gas averages $4 per gallon. Complete parts a. and b. below.a. What will you save in annual fuel expenses by owning a hybrid car averaging 50 miles per gallon rather than anSUV averaging 25 miles per gallon?$ 4000(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 4.8% compoundedmonthly, how much will have saved at the end of five years?$(Round to the nearest dollar as needed.)LD...ahp$-W

As per the question we are given a total save in annual fuel expenses as $4000, which is deposited…

b. If you deposit your monthly fuel savings at the end of each month into an annuity that pays 4.8% compounded monthly, how much will have saved at the end of five years? (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 4.8% compounded monthly, how much will have saved at the end of five years? (Round to the nearest dollar as needed.)

College Algebra

10th Edition

ISBN:9781337282291

Author:Ron Larson

Publisher:Ron Larson

Chapter1: Equations, Inequalities, And Mathematical Modeling

Section1.3: Modeling With Linear Equations

Problem 3ECP: Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan...

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Question

4.2 Answer b question

Use the following formula.
nt
A =
0
Suppose that you drive 50,000 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 50 miles per gallon rather than an
SUV averaging 25 miles per gallon?
$ 4000
(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 4.8% compounded
monthly, how much will have saved at the end of five years?
$
(Round to the nearest dollar as needed.)
LD
...
a
hp
$-
W

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