In 2000, the average cost of tuition and fees at public four- year colleges was $3500, and in 2005 it was $5100. The supporting information is listed below. Note that the known value for 2001 is $3700.
1.) Cost of Tuition
Plot (00,162) and (5,201) to see the shape of the line
Slope= (201-162)/5 = 7.8
Equation: y = 7.8x+162
Slope = 3900/500
3.) Modeling Tuition
Y = MX + B
16200 = (7.8) 2000 + B
16200 = 15600 + B
600 = B
Y = 7.8X + 600 (SLOPE INTERCEPT FORM)
4.) Predicting Tuition
1.)The formula for the line for the given ordered pairs in #1 is correct.
2.) Based on the information in this problem, the slope should be: (5100-3500)/5 =$320/year ...
This solution solves a set of algebra problems that apply the slop-intercept form of the linear equation to financial projection problems. The problems in the solution are related to future cost of tuition, but the methods used here will work for any application of linear equations to word problems.