Question

30 points! The equation y=1.55x + 110,419 approximates the total amount, in dollars, spent by a household to raise a child in the United States from birth to 17 years, given the household’s annual income, x.



What is the approximate average yearly cost of raising a child in a household with an annual income of $33,000

Answer 1

Given:

The equation is

$y=1.55x+110,419$

Here, y approximates the total amount, in dollars, spent by a household to raise a child in the United States from birth to 17 years, given the household’s annual income, x.

To find:

The approximate average yearly cost of raising a child in a household with an annual income of $33,000.

Solution:

We have,

$y=1.55x+110,419$

Put x=33000 to get the total amount, in dollars, spent by a household if annual income of $33,000.

$y=1.55(33000)+110,419$

$y=51150+110,419$

$y=161,569$

So, total amount spent by a household to raise a child in the United States from birth to 17 years is $161,569.

Divide this total amount by 17 to get the average yearly cost of raising a child in a household with an annual income of $33,000.

$\dfrac{161,569}{17}=9504.05882353$

$\dfrac{161,569}{17}\approx 9504.06$

Therefore, the average yearly cost of raising a child in a household with an annual income of $33,000 is $9504.06.