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(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? 500 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?

(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? 500 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?

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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(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? 500 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?
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? 500 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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