Part 3: Application Hybrid Cars and Making Financial Decisions based on Functions Hybrid and electric cars have gained in popularity in the last decade as a consequence of high gas prices. But their great gas mileages often come with higher car prices. There may be savings, but how much and how long before those savings are realized? Suppose you are considering buying a Honda Accord Hybrid, which starts around $31,665 and gets 48 mpg. A similarly equipped Honda Accord will run closer to $26,100 but will get 31 mpg. How long would it take for the Prius to recoup the price difference with its lower fuel costs, assuming you drive 800 miles per month? First, use the following formula for gas savings, where GM stands for gas mileage, to determine how far you will need to drive to recoup the cost difference in the vehicles. Use the known values and the average price of gas in your area to write a specific equation. $Gas is $4.35 Determine the type of equation that results, and then solve it algebraically. 1 1 $Saved = $Gas x (distance driven) x (- GM now GM improved | Choose a Tesla (electric car) that has NO gas cost and compare it in a similar way to a gas-powered cari, the Honda Accord. How long will it take to recoup the price difference for the miles you drive per month? Assume you still drive 800 miles a month. Be sure to consider TOTAL COST of each car. Explain what you thought TOTAL COST meant in the previous