Much of the work of those in financial careers is to look at data and examine the relationship to determine an equation. In many cases that equation is linear or can be simplified to be thought of as linear. Students explore data and linear equations throughout algebra and it can be useful for students to explore situations with which they are familiar.
Highlighted Problem: Taxi!
In the city of Lineville, the taxi rates are based on a linear equation. The cost for a 4-mile ride is $3.10, while a 7-mile ride costs $4.15.
This is a nice problem for students, especially those who live in cities where taxi are common, to explore how to model the cost of using this type of transportation. To extend this problem, it may be nice to add in a discussion of other options for transportation (buses, trains, subways, cars, carpools) and play with how to determine the cost of those forms of transportation and if any of them are also linear.If you have not already created a free account, you'll need to do so to access the Financial Education Problems of the Week.