
Applications of Exponential Functions Review
Authored by Andrew Swanson
Mathematics
9th - 12th Grade
Used 2+ times

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16 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Caiden earned $475 from mowing lawns last summer.He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 years?
$827.52
$831.10
$839.45
$846.80
2.
FILL IN THE BLANK QUESTION
1 min • 3 pts
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Riley invested $1,000 in savings bonds. If the bonds earn 6.75% INTEREST compounded semi-annually,how much interest will Riley earn in 15 years?
$1,584.62
$1,651.39
$1,706.86
$1,893.45
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Inflation reduced people's purchasing power because
the same amount of money buys ore goods and services
the same amount of money buys fewer goods and services
the market basket has to be changed every year
there is not enough money in the economy
5.
FILL IN THE BLANK QUESTION
1 min • 3 pts
A year ago, you started working for $15.00 per hour. This year your employer gave you a $1 per hour raise. However, the Bureau of Labor Statistics calculated that inflation year-over-year is 6.4%. Calculate the purchasing power of your new hourly wage in last year's dollars. (Round to the nearest cent, do NOT add commas or dollar signs)
(a)
6.
FILL IN THE BLANK QUESTION
1 min • 3 pts
In 1960, Cole decided he wanted to set $1,000 aside for a rainy day. He put it in a jar and buried it in his lawn. From 1960 to 2022, the Bureau of Labor Statistics estimates that the average annual inflation rate was 3.8%. Calculate the purchasing power of Cole's $1,000 today, expressed in 1963 dollars. (Round to the nearest cent, do NOT add commas or dollar signs)
(a)
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you put money in a savings account earning a rate of return of 1% and inflation is currently at a rate of 2%, your money will be worth ____.
more in the future.
less in the future.
exactly the same.
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