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25 September, 10:25

You are interested in the relationship between education and income. Your intercept is $6,000 and your slope is $1,500. How much income can we expect to see for an individual with 10 years of education?

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  1. 25 September, 10:47
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    Income after 10 years will be $21000

    Explanation:

    We have given that intercept is $6000

    So the fix amount = $6000

    And slope is $1500 means income increases at a rate of $1500 per year

    Time is given as t = 10 year

    Means income is increases for 10 years

    So the income after 10 years will be = $6000 + 10*$1500 = $6000 + $ 15000 = $21000

    So the income after 10 years will be $21000
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