Exponential Growth and Compound Interest

An investment of $500 earns 3% interest compounded monthly. Find how many years it will take for the account to be $800.

• 15.95 years

• 15.69 years

• 15.90 years

• 15.72 years

How long will it take for the value of an initial investment of $1200 compounded continuously at a 5.6% interest rate to reach $2000.

• 9.57 years

• 9.04 years

• 9.12 years

• .091 years

An initial investment of $1000 is deposited in an account with a 1.2% interest rate, compounded quarterly. Find the value after 15 years.

• $1045.96

• $1196.89

• $15180.81

• $5891.60

An initial investment of $1000 is deposited in an account with a 1.2% interest rate, compounded annually. In how many years will the account reach $1500?

• 34.04 years

• 33.99 years

• 3.72 years

• 3.58 years

• A

• B

• C

• D

Find the balance in the account after the given period.

$5000 deposit earning 1.5% compounded quarterly after 3 years

• $5,229.70

• $7,604.38

• $7,777.27

• $5,538.86

Twenty years ago, Mr. Davis purchased his home for $160,000. Since then, the value of the home has increased about 5% per year. How much is the home worth today?

• $176,783.29

• $424,527.63

• $57,357.75

• $532,041,076.80

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

An initial investment of $800 is compounded continuously at a 2.5% interest rate. Find the value after 10 years.

• $1027.22

• $9746

• $1024.07

• $876.70

The population of armadillos is increasing by 3.1% per year. The initial population is 4000 armadillos. Find the number of years it will take to reach 5000.

• 7.31 years

• 7.44 years

• 6.91 years

• 7.98 years