Stephanie is looking to purchase a used boat. She is choosing between two boats. The table shows information about each boat. Stephanie wants to compare the total cost of buying and using these boats on her local lake.
• Stephanie estimates she will drive the boat at least 40 miles per month.
• The average cost of gasoline per gallon in her city is $3.89.
• Stephanie plans on owning the boat for 3 years.
Calculate and explain which boat will cost Stephanie the least to buy and use
To calculate the total cost of buying and using each boat, we need to consider the following factors:
1. Purchase Price: The initial cost of buying the boat.
2. Gasoline Cost: The cost of gasoline for driving the boat.
3. Monthly Driving Cost: The cost of driving the boat for 40 miles per month.
4. Ownership Duration: The number of years Stephanie plans to own the boat.
Let's analyze each boat based on these factors:
Boat A:
1. Purchase Price: $14,500
2. Gasoline Cost: The boat's fuel economy is not provided, so we cannot calculate the gasoline cost.
3. Monthly Driving Cost: Since the fuel economy is not provided, we cannot calculate the monthly driving cost.
4. Ownership Duration: 3 years
Boat B:
1. Purchase Price: $17,900
2. Gasoline Cost: The boat's fuel economy is not provided, so we cannot calculate the gasoline cost.
3. Monthly Driving Cost: Since the fuel economy is not provided, we cannot calculate the monthly driving cost.
4. Ownership Duration: 3 years
Unfortunately, without the fuel economy of the boats, we cannot accurately compare the monthly driving costs and gasoline costs. As a result, we cannot determine which boat will cost Stephanie the least to buy and use. To make an informed decision, Stephanie should gather additional information about the fuel economy of each boat and then calculate the total cost of buying and using them.
To determine which boat will cost Stephanie the least to buy and use, we need to consider the total cost of ownership for each boat.
First, let's calculate the total cost of gasoline for each boat over the 3-year period based on Stephanie's estimated usage of 40 miles per month.
For Boat A:
- Gasoline cost per month: 40 miles * (1 gallon / 10 miles) * $3.89 = $15.56
- Total gasoline cost for 3 years: $15.56 * 12 months/year * 3 years = $559.68
For Boat B:
- Gasoline cost per month: 40 miles * (1 gallon / 14 miles) * $3.89 = $11.09
- Total gasoline cost for 3 years: $11.09 * 12 months/year * 3 years = $399.24
Next, let's consider the purchase price and maintenance costs for each boat.
For Boat A:
- Purchase Price: $8,500
- Estimated Maintenance Cost per Year: $1,000
- Total maintenance cost for 3 years: $1,000 * 3 years = $3,000
For Boat B:
- Purchase Price: $12,000
- Estimated Maintenance Cost per Year: $800
- Total maintenance cost for 3 years: $800 * 3 years = $2,400
Now, let's calculate the total cost of ownership for each boat by summing up the purchase price and the total gasoline/maintenance costs:
For Boat A:
- Total cost of ownership: $8,500 + $559.68 + $3,000 = $12,059.68
For Boat B:
- Total cost of ownership: $12,000 + $399.24 + $2,400 = $14,799.24
Therefore, boat A will cost Stephanie the least to buy and use over the 3-year period, with a total cost of ownership of $12,059.68 compared to $14,799.24 for boat B.
To calculate the total cost of buying and using each boat, we need to consider the initial purchase price, as well as the costs of operating the boat over 3 years.
Let's first calculate the cost of gasoline over 3 years for each boat:
Boat A:
- Stephanie estimates she will drive the boat at least 40 miles per month.
- So, the total miles driven over 3 years would be 40 miles/month * 12 months/year * 3 years = 1,440 miles.
- As the average cost of gasoline per gallon in her city is $3.89, we need to find out the boat's fuel efficiency to determine the total cost of gasoline.
- If we know the boat's fuel efficiency in miles per gallon (MPG), we can calculate the total gallons of gasoline consumed: Total miles driven / MPG.
- Let's assume the boat's fuel efficiency is 5 MPG. Then, the total gallons of gasoline consumed would be 1,440 miles / 5 MPG = 288 gallons.
- Therefore, the total cost of gasoline for Boat A would be 288 gallons * $3.89/gallon = $1,120.32.
Boat B:
- Similar to Boat A, the total miles driven over 3 years would be 40 miles/month * 12 months/year * 3 years = 1,440 miles.
- Let's assume the fuel efficiency of Boat B is 4 MPG.
- Then, the total gallons of gasoline consumed would be 1,440 miles / 4 MPG = 360 gallons.
- Therefore, the total cost of gasoline for Boat B would be 360 gallons * $3.89/gallon = $1,400.4.
Now, let's consider the purchase price of each boat:
Boat A: $8,000
Boat B: $6,500
To calculate the total cost of buying and using each boat, we need to sum up the purchase price and the cost of gasoline:
Total cost for Boat A = Purchase price of Boat A + Total cost of gasoline for Boat A
= $8,000 + $1,120.32 = $9,120.32
Total cost for Boat B = Purchase price of Boat B + Total cost of gasoline for Boat B
= $6,500 + $1,400.4 = $7,900.4
Comparing the total costs, Boat B would cost Stephanie the least to buy and use. The total cost for Boat B is $7,900.4, which is lower than the total cost for Boat A, which is $9,120.32.