In 1992, the average cost of a ticket on a privately-owned airline was $145. This amount has increased by approximately $51 yearly. How much should you expect to pay for a ticket on this airline in the year 2005?
2005 is 13 years after 1992. That would make the 2005 ticket price
145 + 51*13 = $808.
To calculate the cost of a ticket on the privately-owned airline in the year 2005, we can use the given information about the yearly increase in ticket prices.
First, we need to determine the number of years between 1992 and 2005. We can do this by subtracting 1992 from 2005:
2005 - 1992 = 13 years
Next, we multiply the yearly increase of $51 by the number of years to get the total increase in ticket price:
$51/year * 13 years = $663
Finally, we add the total increase to the base price in 1992 to find the expected ticket price in 2005:
$145 + $663 = $808
Therefore, you should expect to pay approximately $808 for a ticket on this airline in the year 2005.