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Solve the problem.
-When making a long distance call from a certain pay phone, the first three minutes of a call cost $2.40. After that, each additional minute or portion of a minute of that call costs $0.30. Use an inequality to find the number
Of minutes one can call long distance for $4.20.
Market Rate
The prevailing price or interest rate available in the open market for goods, services, or securities.
Nominal Rate
The interest rate stated on a financial product or agreement without adjustment for inflation or other factors that affect the real value of returns.
Stated Value
Stated value refers to an arbitrary value assigned to the no-par value stock by the board of directors of a company, used for accounting purposes.
Effective Yield
The total yield on an investment, taking into account all compounding periods, fees, and other factors affecting the actual return.
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