What is the difference between ordinary annuity and annuity due? Give some example of annuities.
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Answer:
1, i) equation for Mike's Repair Shop = $65x + $100
ii) Amy's Auto Repair = $80x + $40
2. 65x + 100 = 80x + 40
3. x = 4
4. Therefore the number of hours at which the cost both auto repair shops are the same is x = 4 hours.
5. If it takes only three hours to fix the car the Amy' repair shop will be the cheapest because Amy's auto repair will cost = $803 + $40 = $280 and Mike's will cost = $65
3 + $100 = $295.
6. If it takes only six hours to fix the car the Amy' repair shop will be the cheapest because Amy's auto repair will cost = $806 + $40 = $520 and Mike's will cost = $65
6 + $100 = $490.
7. Amy's Auto repair service is advertising to encourage customers with quick repairs to use their service because their cost is less for quick repairs but more for lengthy repairs.
Step-by-step explanation:
i) x = number of hours worked
ii) y = total cost
1, i) equation for Mike's Repair Shop = $65x + $100
ii) Amy's Auto Repair = $80x + $40
2. 65x + 100 = 80x + 40
3. 15x = 60, therefore x = 4
4. Therefore the number of hours at which the cost both auto repair shops are the same is x = 4 hours.
5. If it takes only three hours to fix the car the Amy' repair shop will be the cheapest because Amy's auto repair will cost = $803 + $40 = $280 and Mike's will cost = $65
3 + $100 = $295.
6. If it takes only six hours to fix the car the Amy' repair shop will be the cheapest because Amy's auto repair will cost = $806 + $40 = $520 and Mike's will cost = $65
6 + $100 = $490.
7. Amy's Auto repair service is advertising to encourage customers with quick repairs to use their service because their cost is less for quick repairs but more for lengthy repairs.