To solve this problem, we are going to set up an equation in slope-intercept form. The y-intercept is modeled by the flat fee of $50, which is the baseline price with zero miles traveled. The slope, or rate of change, is 0.20, or 20 cents, which represents the increase in price per mile (each mile is represented by the value x). The independent variable or x value is the number of miles while the dependent variable or y value is the cost (which depends on how many miles you travel). This equation is modeled below:
y = 0.20x + 50
If you are traveling 340 miles, we should substitute this value in for the respective variable, x.
y = 0.20(340) + 50
Next we should simplify by multiplication and addition.
y = 68 + 50
y = 118
Therefore, the cost of renting a car from this company and traveling 340 miles is $118.
Hope this helps!