Answer:
The rate of change is 17.9 dollars per year.
Step-by-step explanation:
We use the rate of change formula: [tex]\frac{y2-y1}{x2-x1}[/tex] where y2 and x2 and the y and x points respectively of the second point, and y1 and x1 are the y and x points respectively for the frist point.
In our case, the first point's x is 2003 (earlier date) and y is 551 (price).
The second point's x is 2013 (date) and y is 730 (price).
Plugging in the numbers, we get [tex]\frac{730-551}{2013-2003} = \frac{179}{10} = 17.9[/tex]
This means the rate of change is 17.9 dollars per year.
If the fair market rental rate for Columbus was $730 in 2013 and $551 in 2003, then the rate of change for rent in Columbus during this period = $17.9/year
The fair market rental rate for Columbus was $551 in 2003
x₁ = 2003
y₁ = 551
The fair market rental rate for Columbus was $730 in 2013
That is:
x₂ = 2013
y₂ = 730
The rate of change for rent in Columbus during this period is given by the formula:
[tex]Rate = \frac{y_2-y_1}{x_2-x_1}[/tex]
Substitute x₁ = 2003, y₁ = 551, x₂ = 2013, y₂ = 730 into the equation above:
[tex]Rate = \frac{730-551}{2013-2003} \\\\Rate = \frac{179}{10} \\\\Rate = 17.9[/tex]
The rate of change for rent in Columbus during this period = $17.9/year
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