Question

You are interested in the relationship between education and income. Your intercept is $6,000 and your slope is $1,500. How much income can we expect to see for an individual with 10 years of education?

Answer 1

Income after 10 years will be $21000

Step-by-step explanation:

We have given that intercept is $6000

So the fix amount = $6000

And slope is $1500 means income increases at a rate of $1500 per year

Time is given as t = 10 year

Means income is increases for 10 years

So the income after 10 years will be = $6000 + 10×$1500 = $6000 +$ 15000 = $21000

So the income after 10 years will be $21000