Suppose that a certain car has the following average operating and ownership costs. Average Costs per Mile Operating $0.26 a. If you drive 20,000 miles per year, what is total annual expense for this car? Ownership $0.74 Total $1.00 b. If the total annual expense for this car is deposited at the end of each year into an IRA paying 8.2% compounded yearly, how much will be saved at the end of seven years? Use 1+ -1 the formula A=

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Suppose that a certain car has the following average operating and ownership costs.
Average Costs per Mile
Total
Ownership
$0.74
Operating
$0.26
a. If you drive 20,000 miles per year, what is total annual expense for this car?
$1.00
b. If the total annual expense for this car is deposited at the end of each year into an IRA paying 8.2% compounded yearly, how much will be saved at the end of seven years? Use
nt
P
1+
-1
the formula A=
for
odf
a. If you drive 20,000 miles per year, the total annual expense for this car is $
(Round to the nearest dollar as needed.)
b. If the total annual expense for this car is deposited at the end of each year into an IRA paying 8.2% compounded yearly, the amount saved at the end of seven years is $.
(Round to the nearest dollar as needed.)
Next
FEB
22
MacBook Air
esc
20 F3
FI
F2
DO0
F4
44
F7
@
2
3
5
7
8
9-
6
24
Transcribed Image Text:Suppose that a certain car has the following average operating and ownership costs. Average Costs per Mile Total Ownership $0.74 Operating $0.26 a. If you drive 20,000 miles per year, what is total annual expense for this car? $1.00 b. If the total annual expense for this car is deposited at the end of each year into an IRA paying 8.2% compounded yearly, how much will be saved at the end of seven years? Use nt P 1+ -1 the formula A= for odf a. If you drive 20,000 miles per year, the total annual expense for this car is $ (Round to the nearest dollar as needed.) b. If the total annual expense for this car is deposited at the end of each year into an IRA paying 8.2% compounded yearly, the amount saved at the end of seven years is $. (Round to the nearest dollar as needed.) Next FEB 22 MacBook Air esc 20 F3 FI F2 DO0 F4 44 F7 @ 2 3 5 7 8 9- 6 24
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