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Comparing two parking garage plans

A downtown employee is looking for the best option for parking a car during an 8-hour workday. One parking garage offers unlimited parking at a $120 per month. Another garage offers an hourly rate of $2.50 for parking.
Draw a graph comparing the two parking plans. Under what circumstances would the monthly plan be cheaper? Under what circumstances would the hourly plan be cheaper?


Solution Preview

The number of hours parked per day is constant at 8. The cost of parking for 1 day under the hourly rate is therefore ($2.50 * 8 =) $20 per day. The ...

Solution Summary

This solution shows how to algebraically compare the cost of parking under an hourly plan and under a monthly plan. The solution is illustrated with a graph in Microsoft Excel and all calculations are fully explained.