Question
1.The EPA rating of a car is 23 mpg. If this car is driven 1,000 miles in 1 month and the price of gasoline remained
1.The EPA rating of a car is 23 mpg. If this car is driven 1,000 miles in 1 month and the price of gasoline remained constant at $3.01 per gallon, calculate the fuel cost (in dollars) for this car for one month. (Enter a number. Round your answer to the nearest cent.)
2. You are considering two cars that you plan on keeping for 5 years. One has an EPA combined city and highway rating of 32 mpg. The second has an EPA rating of 34 mpg. Suppose gasoline costs $3.44 per gallon and you drive 10,000 miles each year.
-How much (in dollars) will you save in 1 year by purchasing the 34 mpg car? (Enter a number. Round your answer to the nearest cent.)
-If you deposit that amount at the end of each year for the 5 years of ownership into an account that earns 4.2% compounded annually, how much (in dollars) will you save over 5 years? (Enter a number. Round your answer to the nearest cent.)
**please show work
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