SOLUTION: Suppose that in the year 2000, the cost of a compact car averaged $ 12700 and that in 2003, the cost averaged $ 15100. Assuming that the relationship between year t and cost c is l

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Question 723900: Suppose that in the year 2000, the cost of a compact car averaged $ 12700 and that in 2003, the cost averaged $ 15100. Assuming that the relationship between year t and cost c is linear, develop a formula for predicting the average cost of a compact car in the future measuring the variable t as years since 2000.
my formula is Q=Q_(1+r)^ Q_ = 12,700 R = needed Q= 15,100 T= 3 ? I am lost after this
What do you predict the average cost of a compact car will be in the year 2007? .
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
They say the relation is linear, which means
a straight line. Use the general point-slope formula.
Plot +c+ on the vertical axis and +t+
on the horizontal axis.
For the year 2000, make +t+=+0+
-------------
given:
+%28+c+-+12700+%29+%2F+%28+t+-+0+%29+=+%28+15100+-+12700+%29+%2F+%28+3+-+0+%29+
+%28+c+-+12700+%29+%2F+t+=+2400+%2F+3+
+%28+c+-+12700+%29+%2F+t+=+800+
+c+-+12700+=+800t+
+c+=+800t+%2B+12700+
--------------------
check:
( 0,12700)
+c+=+800t+%2B+12700+
+12700+=+800%2A0+%2B+12700+
+12700+=+12700+
OK
(3,15100)
+c+=+800t+%2B+12700+
+15100+=+800%2A3+%2B+12700+
+15100+=+2400+%2B+12700+
+15100+=+15100+
OK
In 2007, +t+=+7+
+c+=+800t+%2B+12700+
+c+=+800%2A7+%2B+12700+
+c+=+5600+%2B+12700+
+c+=+18300+
In 2007, the average cost will be $18,300