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02/28/2023 · Elementary School

Use the following formula. 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 eight years? \( \$ \square \) (Round to the nearest dollar as needed.) (R)

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a. You will save **\$4,000** in annual fuel expenses. b. At the end of eight years, you will have saved approximately **\$36,000**.

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