SOLUTION: George bought a condo 5 years ago. One year after he bought it, it was worth $158,000, and last year it was worth $162,500. Let y represent the value of the condo and x the number

Question 1037221: George bought a condo 5 years ago. One year after he bought it, it was worth $158,000, and last year it was worth $162,500. Let y represent the value of the condo and x the number of years after he purchased the condo.
Write a linear equation in slope-intercept form for the value, y, of George's condo x years after he purchased it.
What does the y-intercept mean in the context of the problem?
Thank you. :)
Answer by rothauserc(4718) (Show Source): You can put this solution on YOUR website!
We are given two data points, (1, 158000) and (4, 162500)
:
We want the slope(m) of the line
:
m = ( 162500 - 158000 ) / ( 4 - 1 ) = 4500 / 3 = 1500
:
So far we have y = 1500x + b
:
Use point (1, 15800) to determine b
:
158000 = 1500 (1) + b
:
b = 156500
:
*****************
y = 1500x + 156500
*****************
:
156500 represents the purchase price George payed for the condo
:
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