Concept explainers
In Exercises 11-14, use
Round all computation to the nearest dollar.
Suppose that you drive 15,000 miles per year and gas averages $3.50 per gallon.
a. What will you save annual fuel expenses by owning a hybrid car averaging 60 miles per gallon rather than SUV averaging 15 miles per gallon?
b. If you deposit your monthly fuel savings await the end of each month into an annuity that pays 5. 7% compounded monthly, how much will you have saved at end of six years?
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Thinking Mathematically (7th Edition)
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