The correct interpretation of the slope and y-intercept of the equation \( y = 1.50x + 20 \) is:
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Slope: The slope of the equation is \( 1.50 \), which means that for every phone assembled (each unit increase in \( x \)), you receive an additional $1.50 in pay.
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Y-Intercept: The y-intercept of the equation is \( 20 \), which means that you receive $20 a day regardless of the number of phones produced (when \( x = 0 \)).
Therefore, the correct interpretation is:
The slope means that, for every phone assembled, you receive $1.50. The y-intercept means that you receive $20 a day regardless of the number of phones produced.