K
Suppose that a certain car has the following average operating and ownership costs.
Average Costs per Mile
Operating
$0.28
Ownership
50.74
a. If you drive 30,000 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
nt
[(¹)
yearly, how much will be saved at the end of nine years? Use the formula A=
a. If you drive 30,000 miles per year, the total annual expense for this car is $ 30,600
(Round to the nearest dollar as needed.)
1
k
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 nine years is $
(Round to the nearest dollar as needed.)
S
LIC
(0,0)
Total
$1.02
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rrect: 1