Answer:
y = 28.1739x² + 45.6478x + 617.4879 ;
$3891.36
Step-by-step explanation:
Given the data above :
We can employ an online quadratic model calculator to create a quadratic model of the data:
Year(t) ____0 ____1 ____2 ____3 ____4 ____5 (P)-603.46_695.39_871.96_972.35_1224.53_1571.52
The quadratic function obtained is :
y = 28.1739x² + 45.6478x + 617.4879
Using the model ; the price of gold in 2016 will be :
X = 2016 = 10 years (2016 - 2006)
y = 28.1739(10)^2 + 45.6478(10) + 617.4879 = 3891.3559
Hence, the predicted price of gold in 2016 using the model will be $3891.36
