Mastering Compound Interest & Exponential Growth Problems

A bank offers a savings account with an annual interest rate of 5% compounded annually. If you deposit $1,000, how much money will you have in the account after 3 years?

• 1157.63

• 1200.00

• 1050.25

• 1100.50

A population of bacteria doubles every 4 hours. If you start with 500 bacteria, how many will there be after 12 hours?

• 4000

• 8000

• 1000

• 2000

You invest $2,000 in a fund that earns 6% interest compounded quarterly. How much will you have after 5 years?

• 3000.00

• 2500.00

• 2800.50

• 2693.71

A car's value decreases by 15% each year. If the car is currently worth $20,000, what will its value be after 2 years?

• $16,000

• $12,000

• $18,000

• $14,450

A certain species of fish in a lake grows at a rate of 10% per year. If there are currently 1,000 fish, how many will there be in 5 years?

• 1610

• 800

• 2000

• 1200

You take out a loan of $5,000 with an interest rate of 8% compounded annually. How much will you owe after 4 years?

• $5,000.00

• $7,000.00

• $6,000.00

• $6,802.45

A tree grows at a rate of 5% per year. If it is currently 10 feet tall, how tall will it be after 3 years?

• 13.00 feet

• 10.25 feet

• 11.58 feet

• 12.50 feet

A city’s population is currently 50,000 and is expected to grow at a rate of 3% per year. What will the population be in 10 years?

• 75000

• 80000

• 60000

• 67196

You invest $1,500 in a savings account that offers 4% interest compounded monthly. How much will you have after 2 years?

• 1700.50

• 1624.92

• 1800.75

• 1500.00

A certain type of investment grows at a rate of 7% per year. If you invest $3,000, how much will you have after 6 years?

• 5000

• 3500

• 4454.44

• 6000