Correct. Substitute the values of x and y into the equation: $\displaystyle{80}={k}{\left({16}\right)}\usepackage{cmbright}\Huge\$ .

Solve for k by dividing both sides by 16: $\displaystyle\frac{{80}}{{16}}=\frac{{{k}{\left({16}\right)}}}{{16}}\usepackage{cmbright}\Huge\$

Simplify: $\displaystyle{5}={k}\usepackage{cmbright}\Huge\$