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In 2000, the median household income was 41,990. In 2010, it was49,445. What is the average rate of change in the median household income over this time period?

User Snieguu
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Final answer:

The average rate of change in the median household income from 2000 to 2010 is $745.50 per year, calculated by dividing the total change in income ($7,455) by the number of years (10).

Step-by-step explanation:

To calculate the average rate of change in the median household income over the period from 2000 to 2010, we use the formula:

Average rate of change = (Change in value) / (Change in time)

The median household income rose from $41,990 in 2000 to $49,445 in 2010. So the change in value is $49,445 - $41,990 = $7,455.

The change in time is 2010 - 2000 = 10 years.

Therefore, the average rate of change is:

$7,455 / 10 years = $745.50 per year.

This means that, on average, the median household income increased by $745.50 each year between 2000 and 2010.

User Guan
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