Question

The fair market rental rate for Columbus was $730 in 2013 and $551 in 2003. Find the rate of change for rent in Columbus during this period.

Answer 1

Let rental rate be denoted by 'y' and years be denoted by 'x'

coordinates become: (2003,551) (2013,730)

Rental rate in = $551(y1)

Rental rate in =$730(y2).

So, change in rate =
`730-551=179`

Years given are 2003(x1) and 2013(x2) so, change is
`2013-2003=10`

Here, to find the rate we use the slope formula:

`(y2-y1)/(x2-x1)`

Now putting the values of coordinates in the formula we get:

`(730-551)/(2013-2003)`

=
`(179)/(10)`

= 17.9

So, the rate of change for rent is $17.9