Question

You changed the pricing for renewals of your product. Your previous renewal rate was $250. Your income from renewals was $750,000 this year. The new renewal rate is twice the old rate. You have 2500 customers total. Show calculator Select the best answer How many customers paid the old rate and how many paid the new rate?

Answer 1

The answer is 2000 customers paid the old rate, the remainder (500) paid new rate

Answer 2

Answer:

2000 customers paid the old rate and 500 customers paid the new rate.

Step-by-step explanation:

The new renewal rate is twice the old rate. That is $250\times2=500$ dollars

Let x be the old rate.

Let y be the new rate.

As given: Your income from renewals was $750,000 this year.

So, we have the following equation:

$250x +500y =750000$ or $x+2y= 3000$  .....(1)

And total you have 2500 customers, so we get the following equation:

$x+y= 2500$      .....(2)

Deriving $x=2500-y$ from (2) and substituting in (1)

$2500-y+2y= 3000$

=>$y=3000-2500$

y = 500

$x=2500-500$

x = 2000

Hence, 2000 customers paid the old rate and 500 customers paid the new rate.