Interest Exponential Function

Anthony deposits $1000 in an account that pays 1.25% interest compounded continuously. How much will be in his account after 3 years?

• $1014.67

• $1038.21

• $2,003.11

• $42521.08

Rylan deposits $500 in an account with 3% annual interest compounded quarterly. How much will be in his account after 2 years?

• $530.80

• $530.45

• $527.13

• $529.98

Suppose Tristan deposits $1200 in an account paying 2% annual interest compounded continuously. How long will it take for his balance to be $1800? ***Hint-Use the answer choices!

• about 15.9 years

• about 16.7 years

• about 18.5 years

• about 20.3 years

Brenn needs to raise $1000 dollars to have enough for the car she wants to buy. She already has $960. If she deposits her money in an account paying 3% annual interest compounded monthly, how long will she need to wait before she has enough to buy the car? ***Hint-Use the answer choices!

• about 0.68 years

• about 0.82 years

• about 1.36 years

• about 1.83 years

Due to its weakening steel industry, Canalave Town has been experiencing a population decline of 10% every year. The current population is 74,000 people. Assuming the trend continues, which equation projects the population in x years?

• y = 74,000 (0.10)^x

• y = 74,000 (0.90)^x

• y = 74,000 (1.10)^x

• y = 74,000 (1.90)^x

The population of Winnemucca, Nevada, can be modeled by P=6191(1.04)^t where t is the number of years since 1990. What was the population in 1990? 

• 0 people

• 104 people

• 1040 people

• 6191 people

The population of Winnemucca, Nevada, can be modeled by P=6191(1.04)^t where t is the number of years since 1990. What percent did the population increase each year?

• 4%

• 96%

• 40%

• 400%

You have inherited land that was purchased for $30,000 in 1960. The value of the land increased by approximately 5% per year. What is the approximate value of the land in the year 2011?

• $361,223

• $315,500

• $305,431

• $288,589

What is the y-intercept of the function?

• 2

• 3

• 1

• -2

Is this exponential growth or decay?

• Growth

• Decay