Question

ECONOMICS For Exercises $13$ and $14$, use the following information. On January $1,1999,$ the euro became legal tender in $11$ participating countries in Europe. Based on the exchange rate on March $22,2001,$ the linear function $d\left(x\right)=0.8881x$ could be used to convert $x$ euros to U.S. dollars.

$14.$ On that date, what was the value in euros $500$ U.S. dollars?

Short answer

The value of $500$ U.S. dollars is about $\text{563}$ euros.

Step-by-step solution

– Definition of linear function.

The graph of linear equation is always a straight line. The slope intercept form of a linear equation is:

$y=mx+b$

Where m is the slope and b is the y-intercept.

– Given information.

The given function is used to convert x euros to U.S. dollars.

$d\left(x\right)=0.8881x$

– Find the required value.

Substitute $d\left(x\right)=500$in the above function.

$\begin{array}{c}500=0.8881x\\ \frac{500}{0.8881}=x\\ 562.999=x\\ x\approx 563\end{array}$

Thus, the value of 500 U.S. dollars is about $\text{563}$ euros.