In this set of exercises you are to use your knowledge of equations of lines to model the average annual cost of tuition and fees.
1. Cost of Tuition In 2000, the average cost of tuition and fees at private four-year colleges was $16,200, and in 2005 it was $20,100. Sketch a line that passes through the points (2000, 16200) and (2005, 20100).
3. Modeling Tuition Find the slope intercept form of the line in your sketch. What is the y-intercept and does it have meaning in this situation?
4. Predicting Tuition Use your equation to estimate tuition and fees in 2001 and compare it to the known value of $17,300. Estimate tuition and fees in 2010.
5. Public Tuition In 2000, the average cost of tuition and fees at public four-year colleges was $3500, and in 2005 it was $5100. Repeat Exercises 1-4 for these data. Note that the known value for 2001 is $3700.
This solution applies knowledge of equations of lines to model the average annual cost of tuition and fees.