Fresh features from the #1 AI-enhanced learning platform.Try it free
Fresh features from the #1 AI-enhanced learning platformCrush your year with the magic of personalized studying.Try it free
Question

Family income in the United States has increased steadily for many years (primarily due to inflation). In 1980, the median family income was about $21,000 per year. In 2003, it was about$52,700 per year. Find the average rate of change of median family income to the nearest dollar over that period.

Solution

Verified
Step 1
1 of 2

To use the slope formula, we need two ordered pairs. Here, we let one ordered pair be (1980, 21,000)\left(1980,\ 21,000\right) and the other be (2003, 52,700)\left(2003,\ 52,700\right).

avarange rate of change=52,70021,00020031980=31,70023=1.378.2601,378\begin{align*} \text{avarange rate of change}&=\frac{52,700-21,000}{2003-1980} \\ &=\frac{31,700}{23} \\ &=1.378.260 \\ &\boxed{\color{#c34632}\approx 1,378} \end{align*}

Create an account to view solutions

Create an account to view solutions

Recommended textbook solutions

Algebra and Trigonometry for College Readiness 1st Edition by John Hornsby, Margaret L. Lial

Algebra and Trigonometry for College Readiness

1st EditionISBN: 9780131366268John Hornsby, Margaret L. Lial
7,830 solutions
Algebra and Trigonometry 1st Edition by Sheldon Axler

Algebra and Trigonometry

1st EditionISBN: 9780470470817Sheldon Axler
114 solutions
Algebra and Trigonometry 1st Edition by Sheldon Axler

Algebra and Trigonometry

1st EditionISBN: 9780470585795 (3 more)Sheldon Axler
114 solutions
Zbirka Rešenih Zadataka iz Matematike 2 by Vene T. Bogoslavov

Zbirka Rešenih Zadataka iz Matematike 2

ISBN: 9788617174611Vene T. Bogoslavov

More related questions

1/4

1/7