The table shows the median home prices in florida what is the equation of a trend line that models a relationship between time and home prices? use the equation to predct the median home price in 2040.

Question

Year:1940,1950,1960,1970,1980,1990,2000
Price:$23800,$40900,$58000,$57400,$100700,$113100

y=44.65x+23,800; $172,600
y=44.65x+23,800;142,900
y=1488.33x+23,800;142,900
y=1488.33x23,800;172,600

Answer 1

The correct equation of the trend line that models the relationship between time and home prices is:

y = 1488.33x + 23,800

where y represents the median home price and x represents the year.

To predict the median home price in 2040, substitute x=2040 into the equation:

y = 1488.33(2040) + 23,800
y = 3,034,932 + 23,800
y = $3,058,732

Therefore, the predicted median home price in 2040 is $3,058,732.