Module 9 (Part 1) Summative Assignment

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The equation represents the growth of club membership for the Math Honor Society, where 10 students started the club.

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What is the future account balance for a principal of $5000 at an interest rate of 3.75% compounded monthly for 25 years?

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$12,749.30

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36% increase in membership each year.

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'r' represents the growth/decay rate.

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Decay function.

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Define 'Principal' in the context of finance.

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Principal is the initial amount of money invested or loaned.

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What is the formula for compound interest?

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What does 'compounded monthly' mean?

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It means that the interest is calculated and added to the principal every month.

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What is the difference between growth and decay in mathematical functions?

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Growth functions increase over time, while decay functions decrease over time.

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How do you calculate the future value of an investment?

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