A famous painting was purchased for $560,000 in the year 2021. The value has been increasing by $8,000 per year. y =

Question

A famous painting was purchased for $560,000 in the year 2021. The value has been increasing by $8,000 per year.

y=

Answer 1

This can be modeled by a linear equation in the for y=mx+b where m is the slope and b is the y intercept. Since the starting value is 560,000 that is the y intercept. The increasing value of 8000 is the slope.

y=8000x+560000

Answer 2

Hi!

This question alludes to the slope-intercept formula. A good hint is how it said “increasing by 8000 PER year.” This tells us that our rate, or the slope, is changing by 8000. It also tells us that our initial value, or our y-intercept, is 560,000. Therefore, we have all the components to write this word problem in slope-intercept formula.

y=mx+b, where m= slope and b= y-int.

y=8000x+560000