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This might be a dumb question, but does powering the phone on and off shorten the life of the phone?

I power it off completely every night and then power it back on the next morning to save some battery. I've always done this with my other phones and never had a problem, but this being a smart phone with so many applications running, it's like a computer so I wasn't sure if it's just better to leave it in sleep mode all night instead.
 

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