Use the Five-Step Strategy for Solving Word Problems to Find $\$ 349$

question 27

Multiple Choice

Use the five-step strategy for solving word problems to find the number or numbers described in the following
exercise.
-An auto repair shop charged a customer $\$ 349$ to repair a car. The bill listed $\$ 99$ for parts and the remainder for labor. If the cost of labor is $\$ 50$ per hour, how many hours of labor did it take to repair the car?

• A) 5 hours
• B) 4 hours
• C) 6 hours
• D) \(5.5\) hours

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Definitions:

Quantitative Decision Rule

A structured approach that uses mathematical models and numerical data to help make decisions.

Time Value of Money

The concept that money available now is worth more than the same amount in the future due to its potential earning capacity.

Discounted Cash Flow

A valuation method used to estimate the value of an investment based on its expected future cash flows, adjusted for the time value of money.

Risk Adjustment

A process used in finance and insurance to modify predictions or values based on known risks or uncertainties to make them more accurate or representative.