Section 2.4 Applications of Linear Equations and Modeling 173 Skill Practice When Joe graduated from college, he had $1000 in his savings account.When he began working, he decided he would add $120 per month to his savings account. 1. Write a linear equation to compute the amount of money y in Joe’s account after x months of saving. 2. Use the equation to compute the amount of money in Joe’s account after 6 months. 3. Joe needs $3160 for a down payment for a car. How long will it take for Joe’s account to reach this amount? Answers 1. y 120x 1000 2. $1720 3. 18 months 2. Interpreting a Linear Model Interpreting a Linear Model In 1938, President Franklin D. Roosevelt signed a bill enacting the Fair Labor Standards Act of 1938 (FLSA). In its final form, the act banned oppressive child labor and set the minimum hourly wage at 25 cents and the maximum workweek at 44 hr. Over the years, the minimum hourly wage has been increased by the government to meet the rising cost of living. The minimum hourly wage y (in dollars per hour) in the United States since 1970 can be approximated by the equation y 0.14x 1.60 x 0 where x represents the number of years since 1970 ( x 0 corresponds to 1970, x 1 corresponds to 1971, and so on) (Figure 2-26). Example 2 Federal Minimum Hourly Wage by Year y 0.14x 1.60 8 7 6 5 4 3 2 0 0 5 10 15 20 25 30 35 40 Figure 2-26 Minimum Wage ($/hr) Year (x 0 represents the year 1970) 1 a. Determine the slope of the line and interpret the meaning of the slope as a rate of change. b. Find the y-intercept of the line and interpret the meaning of the y-intercept in the context of this problem. c. Use the linear equation to approximate the minimum wage in 1985.
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