Answer:
a. the approximate revenue from licenses in 1990 was $10,101.10 million.
b. The function is x = 10,101.10 + 499.79y
c. The revenue from licenses in 1999 is $14,599.21 million.
Explanation:
The amount of revenue brought in by states from motor vehicle licenses increased at a relatively constant rate of 499.79 million dollars per year from 1990 to 2000. In 2000, the states brought in 15,099 million dollars in revenue from motor vehicle licenses.
a: what was the approximate revenue from licenses in 1990?
b: write an equation that gives the revenue as a function of the number of years since 1990.
c: find the revenue from licenses in 1999.
a: what was the approximate revenue from licenses in 1990?
This can be calculated using the following function:
x = a + by ............................... (1)
Where;
x = Amount brought in 2000 = $15,099 million
a = Amount brought in 1990 = ?
b = Amount of relative constant rate of increase = $499.79 million
y = Number of years between 1990 and 2000 = 10
Substituting the values into equation (1) and solve for a, we have:
15,099 = a + (499.79 * 10)
a = 15,099 - 4,997.90
a = $10,101.10 million
Therefore, the approximate revenue from licenses in 1990 was $10,101.10 million.
b: write an equation that gives the revenue as a function of the number of years since 1990.
Using equation (1) in part a above, we substitute the values for a and b to obtain an equation that gives the revenue as a function of the number of years since 1990 as follows:
x = 10,101.10 + 499.79y ....................... (2)
c: find the revenue from licenses in 1999.
Since 1999 is 9th year from 1990, we therefore substitute y = 9 in equation (2) as follows:
x = 499.79 + 10,101.10y
x = 10,101.10 + 499.79(9)
x = 10,101.10 + 4,498.11
x = $14,599.21 million
Therefore, the revenue from licenses in 1999 is $14,599.21 million.