The following table represents the amount of money in a bank account over the years. Year Money
Question:
The following table represents the amount of money in a bank account over the years.
Year Money in Bank Account (in thousands)
1980 .........................2.5
1985 .........................2.9
1990 .........................3.0
1995 .........................3.2
2000 .........................3.9
2005 .........................4.2
2010 .........................4.9
2015 .........................5.3
(a) Find the exponential regression function (ExpReg) that models this situation. Let t represent the years since 1980 and M(t) represent the total amount of money in thousands in your bank account. Round to two decimal places.
(b) According to model M(t), how much money will be in your bank account this year (2021)?
(c) Using the model M(t), algebraically determine the year that the money in your bank account will be $8.5 thousand. Round to the nearest year.