Exponential Functions Review Compound Interest

Matt earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually (n=1). What will be his balance after 15 year?

• $827.52

• $831.10

• $839.45

• $846.80

Jamere deposits $2350 in an account that earns interest at a rate of 3.1%, compounded monthly. What is his ending balance after five years?

• $2743.98

• $2,743.45

• $2,362.01

• $10,856.16

The table contains some points on the graph of an exponential function. Based on the table, which function represents the same relationship?

Loany deposited $12,000 into an account that pays 2.50% interest compounded annually. If she makes no additional deposits, about how much money will she have in her account after 5 years?

• $150,000

• $13,600

• $1,500

• $10,600

In 2013, Mr. Myers deposited $15,000 into a retirement account. Each year since 2013, the retirement account on average has increased by 7.5%. If this trend continues, about how much money will Mr. Myers have in his retirement account by 2035?

• $74,000

• $112,500

• $20,000

• $35,000

A particular type of cell doubles in number every hour. Which function can be used to find the number of cells present at the end of h hours if there are initially 4 of these cells?

The original value of a painting is $1400, and the value increases by 9% each year. Write an exponential growth function to model this situation.

• y=1400(1.09)^x

• y=1.09(1400)^x

• y=1400(.91)^x

• y=1.09^x

You invest $1600 at an annual interest rate of 4.6% compounded continuously. How much will you have in the account after 4 years.

• $800.26

• $6,701.28

• $10,138.07

• $1,923.23

If $1,000 is invested at 16% interest, compounded continuously, for five years, what is the ending balance?

• $1,225,54

• $2,225.54

• $22,255.40

• $225.54

Kennedy 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 interest will she earn in 10 years?

• $915.59                Rome

• $933.28             Sydney

• $979.81               Dublin

• $1,005.09              Paris