Exponential Growth and Decay: Intro to Word Problems

Which of the following can be used for P?

(there's more than one 😎)

• starting amount

• initial

• principal

• total amount

What does r represent?

• interest rate

• time

• principal

• total amount

What does t represent?

• interest rate

• time

• principal

• total amount

What does n represent?

• interest rate

• time

• number of times per year

• total amount

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You borrowed $59,000 for 2 years at a simple interest of 11%. What total will you pay back?

This question is asking you to use the compound interest formula.

• True

• False

Semi-Annually means how many times a year?

• 4 
• 2
• 1
• 6

Change 6.75% to a decimal.

• 67.5
• .675
• 675
• .0675

55% is written as___ as a decimal.

• 55

• 0.055

• 5.5

• 0.55

Bruno was given $2000 at birth . His parents invested it at a 2% interest rate compounded bi-annually. No deposits or withdrawls were made. Which expression can be used to determine how much money Bruno had in the account when he turned 13?

Answer explanation