Question

The equation y=1.55x+110,419 approximates the total cost, in dollars of raising achild in the United States from birth to 17 year, given the household's annualincome, X. Approximately how much would it cost to raise a child in a householdwith an annual income of $151,523? Round your answer to the nearest wholenumber.

Answer 1

345,280

Step-by-step explanation:

We are already told that the cost of raising a child from 0 to 17 years old, is given by

cost = 1.55 * (annual household income) + $110,419

Now what will be the cost if

annual household income = $151,523?

To find out, we put this number into our equation. This gives us

cost = 1.55 * ($151,523) + $110,419

Using a calculator to calculate the right-hand side gives

cost = $345,279.65

Rounding to the nearest whole number gives

cost = $345,280.

Hence, it would cost approximately $345,280 to raise a child if the annual household income is $151,523.