Final answer:
To find the first full year when the annual pay recovered to be above $45 thousand, solve the equation 0.396x² -7.89x + 74.5 = 45 and find the value of x.
Step-by-step explanation:
To find the first full year when the annual pay recovered to be above $45 thousand, we need to set the equation P = 45 and solve for x.
0.396x² -7.89x + 74.5 = 45
0.396x² - 7.89x + 29.5 = 0
Using the quadratic formula, x = (-b ± √(b² - 4ac))/(2a)
Plugging in the values, we have x = (7.89 ± √((7.89)² - 4(0.396)(29.5))) / (2(0.396))
Simplifying the expression, x ≈ 6.348 or x ≈ 11.685
Since the x values represent years since 2000, the first full year when annual pay recovered to be above $45 thousand is x = 7 (2007).