Select the correct answer. In 2016, 5,200 parking permits were Issued in a city. The number of parking permits increases by 5% every year. Let y represent the number of parking permits issued xyears since 2016. Which type of sequence does the situation represent? OA. The situation represents an arithmetic sequence because the successive y-values have a common difference of 1.5. OB. The situation represents a geometric sequence because the successive y-values have a common ratio of 1.5. OC. The situation represents an arithmetic sequence because the successive y-values have a common difference of 1.05. OD. The situation represents a geometric sequence because the successive y-values have a common ratio of 1.05.