Answer:
b = $48000, m = $3187.5 / year
Step-by-step explanation:
The equation of a linear function is given as y = mx + b, where m is the rate of change, b is the value of y when x = 0, y = dependent variable and x = dependent variable.
Given that V = mt + b:
b = initial price of the house at 0 years = $48000
V = mt + 48000, At 8 years the house is appraised at $73,500
73500 = 8m + 48000
8m = 73500 - 48000
8m = 25500
m = 3187.5
