Mastering Compound Interest & Exponential Growth in 8th Grade

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

• 1157.63

• 1200.00

• 1050.75

• 1100.50

You invest $500 in a stock that grows at a rate of 8% per year. How much will your investment be worth after 5 years?

• 800.00

• 500.00

• 734.66

• 600.00

A population of bacteria doubles every 4 hours. If you start with 100 bacteria, how many will there be after 12 hours?

• 200

• 800

• 1600

• 400

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?

• $14,450

• $18,000

• $12,000

• $16,000

You are saving for a new computer that costs $1,200. If you save $200 every month and your savings account earns 2% interest compounded monthly, how long will it take to reach your goal?

• 9 months

• 12 months

• 6 months

• 3 months

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

• 5.1 feet

• 2.7 feet

• 3.993 feet

• 4.5 feet

A loan of $2,000 is taken out with an interest rate of 6% compounded annually. How much will be owed after 4 years?

• $2,000.00

• $2,524.95

• $2,800.00

• $2,400.00

You are tracking the growth of a plant that grows 5% each week. If the plant is currently 10 inches tall, how tall will it be after 6 weeks?

• 10.50 inches

• 12.00 inches

• 15.00 inches

• 13.40 inches

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 5 years?

• 50000

• 60000

• 57964

• 55000

You have a savings account that earns 4% interest compounded quarterly. If you deposit $1,500, how much will you have in the account after 2 years?

• 1500.00

• 1750.00

• 1624.29

• 1600.00