1.
Twyla puts $1000 in a savings account that pays 4% interest, compounded monthly. How much money will be in the account 3 years later if she makes no more deposits?
A.
$1127.27
B.
$1120.00
C.
$1010.03
D.
$1124.86
Hint
2.
If a $5000 piece of equipment looses value at a rate of 5% per year, how much will it be worth after 5 years?
A.
$4011.62
B.
$4279.35
C.
$6381.41
D.
$3868.90
Hint
3.
Ricky invested $1000 in an account at 8% interest compounded quarterly. How much money will he have earned on the account after 7 years?
A.
$741.02
B.
$1,741.02
C.
$713.82
D.
$1,713.82
Hint
4.
Suppose Tyler sprayed around the house for ants. Which formula would be used to find the number of ants still alive after a certain time if the number of ants was changing exponentially?
A.
cannot be determined from given information
B.
exponential growth
C.
exponential decay
D.
compound interest
Hint
5.
Suppose inflation of money is at a rate of 3% per year in the United States. How much will a $1 candy bar cost in 30 years?
A.
$1.90
B.
$4.32
C.
$2.43
D.
$0.40
Hint