Question

Housing: The median price of an existing home was $160,000 in 2000 and $240,000 in 2007. If x represents the number of years since 2000, use these data points to determine a line of best fit for the trends in the price of existing homes. Write the equation in slope-intercept form. Round the slope to the nearest tenth and the y-intercept to the nearest dollar.

a. y=8000x+160,000
b. y=8000x+240,000
c. y=20,000x+160,000
d. y=20,000x+240,000

Answer 1

The slope-intercept form of the equation is : y = 11428.6x + 160000

The equation in slope-intercept form would be expressed in the form ;

• y = bx + c
• b = slope ; c = intercept

The slope is the ratio of the change in y to the change in x -axis of the graph.

Slope = (240000 - 160000) / 7

Slope = 80000 / 7

Slope = 11428.6

The intercept, c is the value of y when x = 0

• In 2000, x = 0 and y = 160000

Therefore, the slope-intercept form of the equation is :

• y = 11428.6x + 160000