Mia deposits $500 into a savings account. The table below shows the amount of money in her account over time. x represents the time in years since her initial deposit and y represents the amount of money in her account. x 0 1 2 3 4 y 500 550 605 665.5 732.05 Write a linear, quadratic, or exponential function to represent the data, then find approximately how much money will be in her account after 6 years. (1 point) Responses $800.00 $800.00 $805.26 $805.26 $865.15 $865.15 $885.78
To represent the data in the table, we can use an exponential function since the amount of money in Mia's account is increasing by a constant percentage each year.
Let's first find the common ratio:
Common ratio = y2 / y1 = 605 / 550 = 1.1
Therefore, the exponential function representing the data is of the form y = 500 * 1.1^x.
Now, to find out how much money will be in her account after 6 years:
y = 500 * 1.1^6
y = 500 * 1.771561
y ≈ $885.78
Approximately $885.78 will be in her account after 6 years.