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Digiron [165]
3 years ago
8

Cell Phone Company A charges $20 each month plus $0.03 per text. Cell Phone Company B charges $5 each month plus $0.07 per text.

Mathematics
1 answer:
Sidana [21]3 years ago
4 0
Ur equations are :
C = 0.03t + 20...this is company A
C = 0.07t + 5....this is company B

now...for them to be equal...set them equal and solve for t
0.03t + 20 = .07t + 5
-5 + 20 = 0.07t - 0.03t
15 = 0.04t
15/0.04 = t
375 = t.......there would have to be 375 texts

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Step-by-step explanation:

<em>Step 1 : Write the formula for calculating a monthly compound interest rate and for calculating an annually compounded interest rate.</em>

Monthly compound interest rate = P(1+r/n)^nxt

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<em>t=1 (number of years)</em>

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<em>t=1 (number of years=1)</em>

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<em>Step 3 : Lets substitute the values to find out which one is better.</em>

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Annually compound interest rate = P(1+r/n)^nxt

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Therefore, the monthly compounded interest rate of 0.14% of Unity Bank is a better plan.

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