Question
In: Finance
You live 20 miles away from your job, where you work five days per week (except...
- You live 20 miles away from your job, where you work five days
per week (except for a two-week vacation every year). Your car gets
35 miles per gallon, on average.
- If the average price per gallon of gas is $2.50, how much should you budget for gas for your commute in your annual budget?
- You are considering a new job that is 30 miles from where you live. How much more will your commute cost you each year?
- If you take the new job and the price of gas rises to $3.00 per gallon, how much more will your commute cost you each year?
Solutions
Expert Solution
If the average price per gallon of gas is $2.50, how much should you budget for gas for your commute in your annual budget?
Annual Budget Cost for Gas = Distance * Days per week * Weeks in year * Gas Cost / Miles per galleon
Annual Budget Cost for Gas = 20 * 5 * 50 * 2.50 / 35
Annual Budget Cost for Gas = $357.14
You are considering a new job that is 30 miles from where you live. How much more will your commute cost you each year?
Change in Budget Cost for Gas = Change in Distance * Days per week * Weeks in year * Gas Cost / Miles per galleon
Change in Budget Cost for Gas = 10 * 5 * 50 * 2.50 / 35
Change in Budget Cost for Gas = $178.57
If you take the new job and the price of gas rises to $3.00 per gallon, how much more will your commute cost you each year?
New Budget Cost for Gas = Distance * Days per week * Weeks in year * Gas Cost / Miles per galleon
New Budget Cost for Gas = 30 * 5 * 50 * 3.00 / 35
New Budget Cost for Gas = $642.86
Change in Budget Cost = $642.86 - 357.14
Change in Budget Cost = $285.71
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