Problem 10-11 Calculating Future Value of Insurance Savings

Problem 10-11 Calculating Future Value of Insurance Savings [L010-6] Beverly and Kyle currently insure their cars with separate companies. paying $580 and $525 a year. If they insured both cars with the same company, they would save 10 percent on the annual premiums. What would be the future value of the annual savings over to years based on an annual interest rate of 8 percent? Use Note: Do not round intermediate calculations. Round time value foctor to 3 decimol places and final answer to 2 decimblipiaces