Question

Despite booming new car sales with their cha-ching

Answer 1

Answer to the 1st question: 8 years

Answer to the 2nd question: The year 2022

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Further explanation:

x = number of years after 2008

y = average price of a new car

The prices are going up by $1250 per year on average. This is the slope because the slope is the rate of change. So m = 1250.

The y intercept is b = 30100 as this is the price in 2008.

This leads us to go from y = mx+b to y = 1250x+30100

Plug in x = 0 and you should get y = 30100.

Also, plugging x = 6 into the equation leads to y = 37600 to help confirm things.

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Next, we plug in y = 47600 and solve for x.

y = 1250x+30100

47600 = 1250x+30100

47600-30100 = 1250x

17500 = 1250x

1250x = 17500

x = 17500/1250

x = 14

This means 14 years after the year 2008 is when the average new car price will be $47,600.

2008+14 = 2022

2022-2014 = 8

Therefore, 8 years after 2014 (aka the the year 2022) is when the new car average price will be $47,600.