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It costs Linus a processing fee of $45 to set up a new cell phone account with AT&T plus $65 per month for the cell phone pl
1 answer:
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Answer:
Step-by-step explanation:
we know that
The compound interest formula is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
in this problem we have
substitute in the formula above
Let x be the amount each friend pays .
There are five friends contributing ,so 5x will be the total money collected .
It needs to equal the price plus the tax, 210 + 15 = 225
So the equation becomes,
5x = 225
dividing right side by 5, we have
x = 225/5 = 45
Answer: So each frien pays $45.