You are considering two cars that you plan on keeping for 5 years. One has ar EPA combined city and highway rating of 33 mpg. The second has an EPA rating of 35 mpg. Suppose gasoline costs $3.48 per gallon and you drive 10,000 miles each year. (a) How much (in dollars) will you save in 1 year by purchasing the 35 mpg car? (Enter a number. Round your answer to the nearest cent.) $ (b) If you deposit that amount at the end of each year for the 5 years of ownership into an account that earns 4.3% compounded annually, how much (in dollars) will you save over 5 years? (Enter a number. Round your answer to the nearest cent.) $

Mathematics For Machine Technology
8th Edition
ISBN:9781337798310
Author:Peterson, John.
Publisher:Peterson, John.
Chapter24: Percent Practical Applications
Section: Chapter Questions
Problem 32A: A manufacturer estimates that 15,500 pieces per day could be produced with the installation of new...
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You are considering two cars that you plan on keeping for 5 years. One has an EPA combined city and highway rating of 33 mpg. The second has an EPA rating of 35 mpg. Suppose gasoline costs $3.48 per gallon and you drive 10,000 miles each year.

(a)

How much (in dollars) will you save in 1 year by purchasing the 35 mpg car? (Enter a number. Round your answer to the nearest cent.)
$

(b)

If you deposit that amount at the end of each year for the 5 years of ownership into an account that earns 4.3% compounded annually, how much (in dollars) will you save over 5 years? (Enter a number. Round your answer to the nearest cent.)
You are considering two cars that you plan on keeping for 5 years. One has an
EPA combined city and highway rating of 33 mpg. The second has an EPA
rating of 35 mpg. Suppose gasoline costs $3.48 per gallon and you drive
10,000 miles each year.
(a) How much (in dollars) will you save in 1 year by purchasing the 35 mpg
car? (Enter a number. Round your answer to the nearest cent.)
$
(b) If you deposit that amount at the end of each year for the 5 years of
ownership into an account that earns 4.3% compounded annually, how
much (in dollars) will you save over 5 years? (Enter a number. Round your
answer to the nearest cent.)
$
Transcribed Image Text:You are considering two cars that you plan on keeping for 5 years. One has an EPA combined city and highway rating of 33 mpg. The second has an EPA rating of 35 mpg. Suppose gasoline costs $3.48 per gallon and you drive 10,000 miles each year. (a) How much (in dollars) will you save in 1 year by purchasing the 35 mpg car? (Enter a number. Round your answer to the nearest cent.) $ (b) If you deposit that amount at the end of each year for the 5 years of ownership into an account that earns 4.3% compounded annually, how much (in dollars) will you save over 5 years? (Enter a number. Round your answer to the nearest cent.) $
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