However, if the FM transmitter needs 500mA and the Shuffle needs 500mA, then something might be starved for power. The is a good chance that it will work. You would have to try it.
Ignore the above post about DC-DC power inverters. That would be better suited to stepping up voltage from 5 Volts to 12 Volts--much more difficult; and it would be a converter not an inverter. An inverter is for making AC from DC.
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