Question

In 2011, the price of gold reached an all-time high. The table shows the prices (in dollars per troy ounce) of gold each year since 2006 (t=0 represents 2006). Find a quadratic function that best models the data.

Answer 1

y = 28.1739x² + 45.6478x + 617.4879 ;

$3891.36

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