The average annual salary of the employees of a company in the year 2005 was $80,000. It increased by the same factor each year, and in 2006 the average annual salary was $88,000. Let y represent the average annual salary, in thousand dollars, after x years since 2005. Which of the following best represents the relationship between x and y?

y = 88(0.88)x
y = 88(1.1)x
y = 80(0.88)x
y = 80(1.1)x