Answer:
The rate is 1.05
Explanation:
Given
[tex]y=5.45 + 1.05(x+7)[/tex]
Required
Determine the rate
[tex]y=5.45 + 1.05(x+7)[/tex]
Open brackets
[tex]y = 5.45 + 1.05 * x + 1.05 * 7[/tex]
[tex]y = 5.45 + 1.05x + 7.35[/tex]
Collect like terms
[tex]y = 1.05x + 7.35 + 5.45[/tex]
Simplify like terms
[tex]y = 1.05x + 12.80[/tex]
The general equation is represented as:
[tex]y = mx + b[/tex]
Where
[tex]m = rate[/tex]
By comparing [tex]y = mx + b[/tex] to [tex]y = 1.05x + 12.80[/tex]
[tex]m = 1.05[/tex]
Hence, the rate is 1.05