Here are the essential concepts you must grasp in order to answer the question correctly.
Cost Analysis
Cost analysis involves comparing different expenses to determine the most economical option. In this scenario, we need to analyze the total costs associated with using the toll road with and without the electronic pass. This includes calculating the upfront cost of the pass and the reduced toll rate for pass holders.
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Percentage Reduction
Understanding percentage reduction is crucial for calculating the new toll rate for electronic pass holders. In this case, the toll is reduced by 30%, meaning we need to find 30% of the original toll ($5.00) and subtract that from the original amount to determine the discounted toll rate.
Equation Setup
Setting up an equation is essential for solving the problem mathematically. We need to create an equation that equates the total cost of using the toll road with the electronic pass to the total cost without the pass, allowing us to solve for the number of uses required to break even.
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