The average retail price in the spring of 2009
1 answer:
The linear function represented by the table illustrated has :
- Slope value = - 1221
- Slope gives the rate of change. Here, price of vehicle decreases by $1221 per year.
- Retail value of vehicle will be $11273 after 7 years.
General form of a linear equation :
- y = mx + b
- Where ; slope = m ; b = intercept
- Age = x ; value = y
- The slope = change in y ÷ change in x
- Slope = (16157 - 17378) ÷ (3 - 2) = - 1221
- The value of the slope means that, the retail price of the car decreases by $1221 per year.
To obtain the intercept, b :
- Choose a pair of x and y values ; (2, 17378)
- 17378 = - 1221(2) + b
- 17378 = - 2442 + b
- 17378 + 2442 = b
- b = 19820
The linear relationship given by the table is :
Retail price for a 7-year old car ::
- x = 7
- y = - 1221(7) + 19820
- y = -8547 + 19820
- y = 11273
Therefore, the retail price of a 7-year old car is $11273.
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