Question

Suppose that a certain car has the following average operating and ownership costs. Average Costs per Mile Operating | Ownership | Total $0.26 | $0.72 | $0.98 a. If you drive 40,000 miles per year, what is total annual expense for this car? b. If the total annual expense for this car is deposited at the end of each year into an IRA paying 8.5% compounded yearly, how much will be saved at the end of six years? Use the formula A = P[((1 + r/n)^(nt) - 1) / (r/n)]. a. If you drive 40,000 miles per year, the total annual expense for this car is $. (Round to the nearest dollar as needed.) b. If the total annual expense for this car is deposited at the end of each year into an IRA paying 8.5% compounded yearly, the amount saved at the end of six years is $. (Round to the nearest dollar as needed.)

          Suppose that a certain car has the following average operating and ownership costs.
Average Costs per Mile
Operating | Ownership | Total
$0.26 | $0.72 | $0.98
a. If you drive 40,000 miles per year, what is total annual expense for this car?
b. If the total annual expense for this car is deposited at the end of each year into an IRA paying 8.5% compounded yearly, how much will be saved at the end of six years? Use the formula A = P[((1 + r/n)^(nt) - 1) / (r/n)].
a. If you drive 40,000 miles per year, the total annual expense for this car is $.
(Round to the nearest dollar as needed.)
b. If the total annual expense for this car is deposited at the end of each year into an IRA paying 8.5% compounded yearly, the amount saved at the end of six years is $.
(Round to the nearest dollar as needed.)

Suppose that a certain car has the following average operating and ownership costs.
Average Costs per Mile
Operating | Ownership | Total
0.26 |0.72 | 0.98
a. If you drive 40,000 miles per year, what is total annual expense for this car?
b. If the total annual expense for this car is deposited at the end of each year into an IRA paying 8.5% compounded yearly, how much will be saved at the end of six years? Use the formula A = P[((1 + r/n)^(nt) - 1) / (r/n)].
a. If you drive 40,000 miles per year, the total annual expense for this car is.
(Round to the nearest dollar as needed.)
b. If the total annual expense for this car is deposited at the end of each year into an IRA paying 8.5% compounded yearly, the amount saved at the end of six years is $.
(Round to the nearest dollar as needed.)

Added by James A.

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