Suppose you plan to purchase a new car after selling the old car from the class activity for scrap. Assume that new cars will have increased in price, so plan to spend $24,500. Remember that the car in the in-class activity was projected to last for 8 years and be worth $500 in scrap value.

Part A: How much do you need to save if you want to pay cash for your next new car? Total amount to save = $

Part B: How much money should you save each year in order to have sufficient cash to buy the car? (Assume that no interest is being paid on the savings; therefore, ignore any interest calculations.) Amount to save per year = $ Part C: Use a algebraic equation expressing the relationship between the total amount of money saved for the new car and the number of years that have passed. Let t represent the number of years, and let S represent the amount of money saved.

Part D: Is the relationship between the total amount of money saved and the year proportional?

Part E: Do you think it would work to save money "once per year," as we've been describing, or would saving each month be better? Come up with an equation that describes saving every month. Let t represent the number of months, and let S represent the amount of money saved.