SOLUTION: How to solve: In 2000 the cost of a compact car averaged $12,500. In 2003, the cost of a compact car averaged $14,450. Assume that the relationship between time and cost is line

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: How to solve: In 2000 the cost of a compact car averaged $12,500. In 2003, the cost of a compact car averaged $14,450. Assume that the relationship between time and cost is line      Log On


   

Question 613864: How to solve:
In 2000 the cost of a compact car averaged $12,500. In 2003, the cost of a compact car averaged $14,450. Assume that the relationship between time and cost is linear.
a) Develop a formula for predicting the average cost of a compact car in the future, in the for of C(x)= mx + b, where x represent the number of years after 2000.
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+C%28x%29+=+m%2Ax+%2B+b+
given:
+C%280%29+=+12500%0D%0A%7B%7B%7B+C%280%29+=+m%2A0+%2B+b+
+12500+=+b+
and
+C%283%29+=+14450+
+C%283%29+=+m%2A3+%2B+12500+
+14450+=+m%2A3+%2B+12500+
+3m+=+14450+-+12500+
+3m+=+1950+
+m+=+650+
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+C%28x%29+=+650x+%2B+12500+
Here's a plot where +C%28x%29+ is in thousands of dollars
+graph%28+400%2C+400%2C+-1%2C+10%2C+-5%2C+20%2C+.65x+%2B+12.5+%29+