Exponential Money Word Problems

Derrick has $1,000 in a savings account that ears 15% interest, compounded monthly. To the nearest cent, how much will he have in 2 years?

• $5,350.25

• $1,322.50

• $1,025.16

• $1,347.35

Ash has $8,000 in a savings account. The interest rate is 3% compounded once a year.

To the nearest cent, how much will he have in his account in 4 years?

• $9,004.07

• $2,2848.80

• $9,011.94

• $8,242.71

A sailboat that costs $5,950 decreases in value by 11% per year. How much will the boat be worth after 6 years?

• $5,884.00

• $5,178.97

• $2,992.96

• $2,957.04

The value of a car purchased for $20,000 decreases at a rate of 12% per year. What will be the value of the car after 3 years?

• $12,800.00

• $13,629.44

• $17,600.00

• $28,098.56

Find the balance in an account that has $300 invested at 6.5% for 4 years compounded semi-annually.

• $387.47

• $496.50

• $7,800.00

• $385.94

Katy deposited $90 in a savings account earning 5% interest, compounded quarterly. Which of the following equations could represent the amount of money in her account yearly?

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A city doubles its size every 64 years. If the population is currently 225,000, what will the population be in 128 years?

• The population will be 225,000.

• The population will be 450,000.

• The population will be 900,000.

• The population will be 1,800,000.

The population of Pallet Town increases by 15% every year. If there are currently 190,000 people living there, what will be the population in 13 years?

If necessary, round your answer to the nearest whole number.

• 4 people.

• 22,972 people.

• 1,169,030 people.

• 1,188,311 people.

Twenty years ago, Mr. Davis purchased his home for $160,000. Since then, the value of the home has increased about 5% per year. Use an exponential function to find the value of the home today.

Round to two decimal places (like money).

Annual sales for a fast food restaurant are $650,000 and are increasing at a rate of 4% per year. Use an exponential function to find the annual sales after 7 years.

Round to two decimal places (like dollars and cents).