Miguel needs 34,100 purchase a boat. How much money will he need to invest today in a savings account earning 4.1% interest, compounded quarterly, to have enough money to purchase the boat in 16 years?

Option: c is the correct answer.

c.   $ 2.32

Step-by-step explanation:

We are given a table of values as:

Number of months              Monthly gas price(in $)

             1                                   1.592

             2                                  1.672

             3                                  1.766

             4                                  1.833

             5                                  2.009

             6                                  2.041

On plotting these points in a regression graph we obtain the line of best fit as:

Now we are asked to find the gas price in the ninth month.

i.e. we have to find the value of y when x=9.

Hence,

Hence, option c is the correct answer.