Suppose that you drive 40,000 miles per year and gas averages $4 per gallon. 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? b. What is your monthly fuel saving? 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 you have saved at the end of six years?
Suppose that you drive 40,000 miles per year and gas averages $4 per gallon. 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? b. What is your monthly fuel saving? 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 you have saved at the end of six years?
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Transcribed Image Text:(Round your answer to the nearest dollar)
Suppose that you drive 40,000 miles per year and gas
averages $4 per gallon.
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?
b. What is your monthly fuel saving?
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 you have saved
at the end of six years?
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