Answer: 286 minutes
Step-by-step explanation:
x : # of months that has gone by
0.24x : cost of the 24 cent plan after "x" minutes
39.95 + 0.10x : cost of the 10 cent plan after "x" minutes
1. 39.95 + 0.10x > 0.24x
2. 39.95 > 0.24x - 0.10x
3. 39.95 > 0.14x
4. 285.36 > x
x must be AT LEAST 286 minutes for plan #2 (39.95 + 0.10x) to be a better deal
There are no numbers for this, thus you will have to use the quadratic formula.
Answer:
Since on July 9, Mifflin Company receives a $ 10,200, 90-day, 6% note from customer Payton Summers as payment on account, to determine what entry should be made on July 9 to record receipt of the note the following calculation must be performed :
90 days = 3 months
6/12 x 3 = 1.5%
10,200 x 1,015 = 10,353
Therefore, a debt cancellation for $ 10,200 must be made in the company's accounting records, plus an interest generation for $ 153, which will be justified by the cash income of $ 10,353.
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