SOLUTION: The median price of an existing home was $160,000 in 2000 and $240,000 in 2007. If x represents the number of years since 2000, use these data points to determine a line of best fi

Algebra ->  Statistics  -> Scatterplots-graphs -> SOLUTION: The median price of an existing home was $160,000 in 2000 and $240,000 in 2007. If x represents the number of years since 2000, use these data points to determine a line of best fi      Log On


   

Question 1099202: The median price of an existing home was $160,000 in 2000 and $240,000 in 2007. If x represents the number of years since 2000, use these data points to determine a line of best fit for the trends in the price of existing homes. Write the equation in slope-intercept form.
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
You are given 2 points on the line:
( 0, 160 )
( 7, 240 )
Note that y-values are in thousands of dollars
--------------------------------------------
Use the general point-slope formula
+%28+y+-+160+%29+%2F+%28+x+-+0+%29+=+%28+240+-+160+%29+%2F+%28+7+-+0+%29+
++y+-+160+=+%28+80%2F7+%29%2Ax+
+y+=+%28+80%2F7+%29%2Ax+%2B+160+
-------------------------
check:
Does it go through ( 7, 240 ) ?
+y+=+%28+80%2F7+%29%2Ax+%2B+160+
+240+=+%28+80%2F7+%29%2A7+%2B+160+
+240+=+80+%2B+160+
+240+=+240+
OK