SOLUTION: The median home value in Pennsylvania and New Jersey (adjusted for inflation) are shown below. Year Pennsylvania New Jersey 1950 42400 63100 2000 97000 170800

Question 1160518: The median home value in Pennsylvania and New Jersey (adjusted for inflation) are shown below.
Year Pennsylvania New Jersey
1950 42400 63100
2000 97000 170800

If we assume that the house values are changing linearly,
a) In which state have home values increased at a higher rate?
Select an answer

b) If these trends were to continue, what would be the median home value in Pennsylvania in 2010?
$

c) If we assume the linear trend existed before 1950 and continues after 2000, the two states' median house values will be (or were) equal in what year? (The answer might be absurd)
The year

Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
change in 50 years is $54600 in Pa and $107,700 in NJ
slope is 1092 in PA, increase in $1092 every year
slope is 2154 in NJ, increase in $2154 every year
in another 10 years the home price would increase $1092*10 or $10,920 in PA and the price would be the added to $97000 or $107920.
x years prior to 1950 the price in PA was 42400-1092x and in NJ 63100-2154x
Set those two equal
20700=1062x
x=19.49 years or in mid-1930.
another way is to look at the difference in prices in 1950, which is $20700 and the difference in growth, which is $1062. Divide the two numbers.
RELATED QUESTIONS
I hope someone can help me this is one of the problems in my homework I dont get. Below... (answered by Edwin McCravy)

Hi Below are the home states of 21 college professors. New Jersey Ohio (answered by jim_thompson5910)

Below are the home states of 21 college professors. New Jersey Ohio Michigan South... (answered by jim_thompson5910)

Below are the home states of 17 college professors. Ohio Georgia... (answered by killer6678)

Below are the home states of 19 college professors. New Jersey Ohio Michigan Georgia... (answered by solver91311)

�What is the probability of selecting a school that is either in New York, New Jersey or... (answered by unlockmath)

Which statement is a counterexample for the conditional below? �If you live in... (answered by jim_thompson5910,solver91311)

The distance between New York, New York and Trenton, new jersey is 67 miles. About how... (answered by josmiceli)

Statistics word problem: We are interested in estimating how many New Jersey residents (answered by stanbon)