Quiz about Exponential Growth and Compound Interest

Question 1

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).

Accepted Answer

25,082

Answer

12,937

Answer

62,000

Answer

43,511

Question 2

Olivia would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% interest compounded quarterly. If she spent $7,400, how much total will she have paid after 8 years.

Accepted Answer

$15,683.28

Answer

$15,415.94

Answer

$15,927.56

Answer

$16,109.05

Question 3

Is y = 5(1.04)^x growth or decay?

Accepted Answer

growth

Answer

Decay

Question 4

A collectible car has been going up in price by 10% each year. If the car is already worth $29,000, how much will the car be worth in 5 years?

Accepted Answer

46,704.79

Answer

38,246.28

Answer

51,248.84

Answer

49,283.93

Question 5

Which of the following functions shows an initial amount of $15 and an increase of 35% each year?

Accepted Answer

y = 15(1.35)^x

Answer

y = 15(35)^x

Answer

y = 15(0.35)^x

Answer

y = 35(1.15)^x

Question 6

Classify the model as Exponential GROWTH or DECAY.
A=10(1.01)³

Accepted Answer

Growth

Answer

Decay

Question 7

The number of mosquitoes at the beginning of the summer was 4,000. The population of mosquitoes is expected to grow at a rate of 25% a month. How many mosquitoes will there be after 4 months?

Accepted Answer

9765

Answer

9766

Answer

9006

Answer

5433

Exponential Growth and Compound Interest

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