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WorksheetsExponential Growth and Compound Interest
Total questions: 15
Worksheet time: 15mins
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).
25,082
12,937
62,000
43,511
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.
$15,415.94
$15,683.28
$15,927.56
$16,109.05
Is y = 5(1.04)x growth or decay?
growth
Decay
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?
46,704.79
38,246.28
51,248.84
49,283.93
Vanessa invested $2500 into an account that will INCREASE in value by 3.5% each year. Use an exponential growth model to find the value of the investment after 20 years.
Use y=a(1+r)t
Round to 2 Decimal places and NO dollar sign($).
Wyatt invested $8,000 into an account that earns 10% interest. How much money will he have in 15 years if the interest is compounded quarterly? Round to 2 Decimal places and NO dollar sign($).
Syler invested $1,600 into a retirement account that earns 2.4% interest compounded monthly. What will be the balance of the account after 30 years?
A=P(1+nr)n⋅t
Round to 2 Decimal places and NO dollar sign($).
The average price of a movie ticket in 1990 was $4.22. Since then, the price has increased by approximately 3.1% each year. Use an exponential growth model to find the price of a ticket in 2016.
Use y=a(1+r)t
Round to 2 Decimal places and NO dollar sign($).
A virus has infected 400 people in the town of Thatcher and is spreading to 25% more people each day. Use an exponential growth model to find the number of people that will be infected in 10 days.
y=a(1+r)t
Round to the nearest whole person.
Miley borrowed $32,500 to purchase a new car. If the rate on the loan is 6% compounded annually, how much will she pay in total over the course of the 5 year loan?
A=P(1+nr)n⋅t
Round to 2 Decimal places and NO dollar sign($).
Bryce used his graduation money to set up a savings account that earns 3.4% interest compounded weekly. If the original amount deposited was $500, how much INTEREST will he have earned after 10 years?
A=P(1+nr)n⋅t
Round to 2 Decimal places and NO dollar sign($).
Interest =A-P
Mr. & Mrs. Howard took out a $240,000 loan to purchase their home. If the interest rate on the loan is 1.2% compounded bimonthly, how much INTEREST will they have paid after 30 years?
A=P(1+nr)n⋅t
Round to 2 Decimal places and NO dollar sign($).
Interest=A-P
Which of the following functions shows an initial amount of $15 and an increase of 35% each year?
y = 15(35)x
y = 15(1.35)x
y = 15(0.35)x
y = 35(1.15)x
Classify the model as Exponential GROWTH or DECAY.
A=10(1.01)3
Growth
Decay
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?
9766
9006
9765
5433
