Compound Interest, Compound Continuously, Growth and Decay and Exponential Functions

The population of Eden is growing continuously at a rate of 1.9%. If the current population is 15,230, about how many years will it take for the population to reach 20,000?

• 31

• 2

• 15

• 68

Marcus is buying a new Jet Ski for $12,500. He is considering 2 credit options. Option A offers a 6 year loan with 8.5% interest compounded quarterly, while Option B offers a 5 year loan with 10% interest compounded annually. Which option is better and how much will he save?

• Option A; $495.21 saved

• Option A; $573.83 saved

• Option B; $495.21 saved

• Option B; $573.83 saved

Write an equation that models the following situation:
Samantha's hair was known to grow very rapidly. It began at a length of 6 in and grew at a rate of 14% a week.

• y=6(0.14)^x

• y=6(1+14)^x

• y=6(1.14)^x

• y=6(0.86)^x

Suppose you invest $2000 at 2.8% compounded continuously. Find the value of your investment after 8 years. Round your answer to the nearest dollar

• $2502

• $1069

• $2057

• $2494

Suppose you deposit $500 in a savings account that earns 1% interest compounded continuously. Find the balance in your account after 2 years.

• $510.05

• $3694.53

• $510.10

• $605

A population of fish starts at 8,000 and decreases by 6% per year. What is the population of fish after 10 years?

• 14327

• 4309

• 839

• 7680

Your 6 year investment of $40,000 at 14% interest compounded annually is worth how much now?

• $47,798.90

• $87,798.90

• $127,798

• $7,798

Riley invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually, how much total will Riley earn in 15 years?

• $1,584.62

• $2,651.39

• $2,706.86

• $1,825.10

Principal: $5000
Interest Rate: 3.75%
Time: 25 years
Compounded Monthly
State the future account balance.

• $12712.31

• $12,749.30

• $12,657.59

• $12550.84

What does the n stand for in this formula?

• Initial amount

• Final amount

• Rate

• Time

• The number of times compounded per year