Question 85289: The total revenue of Retailers,Inc. increased according to the following table:
Year x since 1997 Total Revenue, R (millions $)
1997, x = 0 $22
1998, x = 1 $23
1999, x = 2 $27
2000, x = 3 $31
2001, x = 4 $33
2002, x = 5 $38
Use the points (1,23) and (5,38) to find the equation of the function that fits this data.
Now estimate the total revenue in the year 2008.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! 2002, x = 5 $38
Use the points (1,23) and (5,38) to find the equation of the function that fits this data.
Now estimate the total revenue in the year 2008.
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slope = [38-23]/[5-1] = 15/4
If y=23 when x=1 and slope = 15/4, then:
23 = (15/4)1+b
b= (92-15)/4
b= 77/4
EQUATION:
Revenue = (15/4)(year) + 77/4
"year" for 2008 = 2002+6 = 5+6=11
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Revenue(11) =(15/4)*11 + 77/4
Revenue (2008) = 165/4 + 77/4 = 242/4 = $60.50
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Cheers,
Stan H.
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