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Mr. M. Aniol currently pays $1,000 per month for car insurance. When the time arrives to renew his policy, his insurance agent informs him that

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Mr. M. Aniol currently pays $1,000 per month for car insurance. When the time arrives to renew his policy, his insurance agent informs him that he could save an additional 25% in premium costs if he had a saliva-testing device (for testing drivers' saliva for cannabis) installed in his car today. If the cost of the device is $2,500.0 with taxes, what would his net savings be for the year, assuming an annual interest rate of 2.0% after tax? (Show your calculations and assume annual compounding) --Use timeline to illustrate your

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