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Sagot :
It is found that Linear Equation: P = 0.008T + 0.13 and Price of stamp in 2015 = $0.45
What is a linear equation?
A linear equation is an equation that has the variable of the highest power of 1. The standard form of a linear equation is of the form Ax + B = 0.
From 1975 to 2005, 30 years, the price increased from 0.13 to 0.37.
This means the rate of change (slope) = 0.24/30 = 0.008
This means Price changed (increased) by $0.008 per year.
Slope = 0.008
The y-intercept (P) is at the starting point which is at T = 1975; the price was 0.13. Hence y-intercept is 0.13
The equation of a line is given as;
P = mT + b
Where m is the slope and b is the y-intercept.
Now, we can write the linear model equation as;
P = 0.008T + 0.13
Then to find the price of stamp in 2015, we see that this is 40 years later after 1975. So we plug in 40 into T in the equation found above;
P = 0.008(40) + 0.13
P = $0.45
Learn more about linear equations;
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