Question

The equation y = 1.55x + 110,419 approximates the total cost, indollars, of raising a child in the United States from birth to 17 years,given the household's annual income, X. Approximately how muchwould it cost to raise a child in a household with an annual income of$55,000.

Answer 1

ANSWER

$195,669

EXPLANATION

In this equation, y is the total cost of raising a child in the United States, and x is the household's annual income.

We have to find y when x = 55,000,

$y=1.55\cdot(55,000)+110,419$

Solve the product,

$y=85,250+110,419$

And add the two terms,

$y=195,669$

Hence, it would cost $195,669 to raise a child in a household with an annual income of $55,000.