AboutAbe Mantell Expertise Hello, I am a college professor of mathematics and regularly teach all levels from elementary mathematics through differential equations, and would be happy to assist anyone with such questions!
Experience Over 15 years teaching at the college level.
Expert: Abe Mantell Date: 7/7/2008 Subject: Help Solve
Question 1.If you earned an average of $25,000 over your working life you retire after 2005 at 62, 63, or 64, then your annual Social Security benefits will be $7,000, $7500 or $8000, respectively (Social Security Administration, www.ssa.gov). There is a linear equation that gives the annual amount benefit in terms if age for these three years. Find the equation.
2.A credit manager rates each applicant for a car loan in a scale of 1 through 5 and then determines the interest rate from the accompanying table. Find the equation of the line in slope-intercept form that goes through these points.
Answer OOPS! Sorry, disregard my previous reply to this! OK...
1. Let x=age, y=SS benefit. Thus, (62,7000), (63,7500), (64,8000).
...The rate of change is $500 per year, so the slope is 500.
...y-7000=500(x-62) ==> y=500(x-62)+7000, is a good form.
2. Again you can easily see the slope...for each 1 pt. increase in
...credit rating, the interest rate goes down by 4 percentage points.
...So the slope is -4 ==>y-24=-4(x-1) ==> y=-4x+28
