4.1 Answer both questions Use the following formula.nt(¹)-1]+A=P()Suppose that you drive 50,000 miles per year and gas averages $4 per gallon. Complete parts a. and b. below.a. What will you save in annual fuel expenses by owning a hybrid car averaging 50 miles per gallon rather than anSUV averaging 25 miles per gallon?$(Round to the nearest dollar as needed.)b. If you deposit your monthly fuel savings at the end of each month into an annuity that pays 4.8% compoundedmonthly, how much will have saved at the end of five years?$(Round to the nearest dollar as needed.)LOa Use the following formula.ntРP[(1+A)4nA =1Suppose that you drive 50,000 miles per year and gas averages $4 per gallon. Complete parts a. and b. below.a. What will you save in annual fuel expenses by owning a hybrid car averaging 50 miles per gallon rather than anSUV averaging 25 miles per gallon?S(Round to the nearest dollar as needed.)b. If you deposit your monthly fuel savings at the end of each month into an annuity that pays 4.8% compoundedmonthly, how much will have saved at the end of five years?$(Round to the nearest dollar as needed.)...QLDaW

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Use the following formula. nt (¹)-1] + A= P () Suppose that you drive 50,000 miles per year and gas averages $4 per gallon. Complete parts a. and b. below. a. What will you save in annual fuel expenses by owning a hybrid car averaging 50 miles per gallon rather than an SUV averaging 25 miles per gallon? $ (Round to the nearest dollar as needed.) b. If you deposit your monthly fuel savings at the end of each month into an annuity that pays 4.8% compounded monthly, how much will have saved at the end of five years? $ (Round to the nearest dollar as needed.)