Solve the Problem. -In 1995, the Average Annual Salary for Elementary School Teachers

question 123

Multiple Choice

Solve the problem.
-In 1995, the average annual salary for elementary school teachers was $24,269. In 2000, the average annual salary for elementary school teachers was $28,148. Let S be the average annual salary in the year x, where x = 0
Represents the year 1995.
a) Write a linear function that models the average annual salary for elementary school teachers in terms of year x.
b) Use this function to determine the average annual salary for elementary school teachers in 1998.

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Definitions:

Present Value

The present-day worth of a forthcoming sum of money or cash inflows, assessed at an agreed-upon return rate.

Interest Rate

The percentage charged on a loan or paid on savings, indicating the cost of borrowing or the reward for saving.

Price To Earnings Ratios

A financial metric that measures a company's current share price relative to its per-share earnings, used to evaluate its relative value.

Interest Rate

The amount charged, expressed as a percentage of the principal, by a lender to a borrower for the use of assets over a specific period.