ELI5: Explain Like I'm 5

Rate function

A rate function is like a calculator. It can tell you how much something costs for a specific amount, like if you buy something for $2 and you want to know how much that is for 10 things, the rate function can calculate that for you. It can do this by multiplying the original cost with the number of things, so in this case, it would multiply 2 by 10 to get 20.
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