## Related questions with answers

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

VerifiedStep 1

1 of 2To use the slope formula, we need two ordered pairs. Here, we let one ordered pair be $\left(1980,\ 21,000\right)$ and the other be $\left(2003,\ 52,700\right)$.

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

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