Exponential Growth Word Problems

More and more people are purchasing food from farmers' markets. As a consequence, a market researcher predicts that the number of farmers' markets will increase by 15% each year. If there are 6,200 farmers' markets this year, how many will there be in 10 years? (Round to the nearest whole number if necessary).

• 25,082

• 12,937

• 62,000

• 43,511

Jenny has $20 in a savings account. The interest rate is 5%, compounded annually. To the nearest cent, how much will she earn in 2 years?

• $22.05

• $45.79

• $21.99

• $7.51

Lauren has $90 in a savings account. The interest rate is 5%, compounded annually. To the nearest cent, how much will she have in 2 years?

• $99.23

• $21.98

• $56.46

• $9.21

Kelsey deposited $30 in a savings account earning 10% interest, compounded annually. To the nearest cent, how much will she earn in 3 years?

• $39.93

• $32.01

• $17.60

• $35.75

The mice population is 25,000 and is increasing by 20% each year. What will be the mice population after 3 years?

• 43,200

• 67,500

• 102, 475

• 29,776

In the formula y=a(1+r)^t, what does the t represent?

• growth rate

• time

• initial amount

• text

In the formula y=a(1+r)^t, what does the r represent?

• growth rate

• time

• initial amount

• rounding

In the formula y=a(1+r)^t, what does the a represent?

• growth rate

• initial amount

• time

• actual amount

The population of Lincoln is currently at 215,000 people. The population is increasing at 13.5% each year. What will the population be in 2025?

• 404965

• 404966

• 404965.2588

• 404967

Change 5% into a decimal

• .5

• .05

• 5

• 5.5