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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.)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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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
Transcribed Image Text: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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