5.2 Practice

Write the equation of an exponential function that passes through the following points: (7, 12) and (8, 25).

• $f\left(x\right)=8871.77\left(0.48\right)^x$

• $f\left(x\right)=0.71\left(2.08\right)^x$

• $f\left(x\right)=7\left(13\right)^x$

Katie won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest compounded quarterly, how much total will she earn in 10 years?               

• $4915.59

• $3933.28

• $2979.81

• $4005.09

Semi-Annually means how many times a year?

• 4

• 2

• 1

• 6

Change 32% into a decimal.

• 32
• 3.2
• .32
• .032

Convert 3% to a decimal.

• .03

• .30

• .003

• 3.0

Henry invested $15,000 in an account that pays 5% interest compounded continuously. How much is in his account after 5 years? 

• $15,500.50

• $19,260.38

• $19,260.40

• $21,500.25

Town Bank offers a 2.25% interest rate, while Charter One offers 2.8%. Both banks compound interest annually. If Rob wants to set up a new account with $5,000,how much more money will he earn at Charter One over Town Bank after 25 years?  

 

• $1,183.41

• $1,209.79

• $1,251.63

• $1,324.10

Shawn is buying a new Jet Ski for $12,500. He is considering two credit options. Option A offers a 6 year loan with 8.5% interest compounded quarterly, while Option B offers a 5 year loan with 10% interest compounded annually. Which is the better option and how much will he save?  

• B; $573.83

• B; $495.21

• A; $573.83

• A; $495.21

The number of mosquitoes at the beginning of the summer was 4,000. The population of mosquitoes is expected to grow at a rate of 25% a month. How many mosquitoes will there be after 4 months?

• 9766
• 9006
• 9765
• 5433

What does n represent in the compound interest formula?

• the interest rate (in decimal form)

• the number of times interest is compounded each year

• the initial amount invested

• the value of the account after t years