2.1 Checkpoint Exponential Functions 1 |
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1. Write an exponential function with an initial value of $50,000 and a growth rate of 8%. |
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2. Write an exponential function with an initial value of $1,000 and a growth rate of 4%. |
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3. How much money would you have after 4 years if you invested $3,000 in a Certificate of Deposit (CD) earning 5.5% interest compounded every year? |
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4. How much money would you have after 40 years if you invested $1,000 in a mutual fund earning 8% interest compounded every year? |
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5. Explain why in the formula the constant C represents the initial amount of your quantity, given that the variable t represents time. |
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6. Are the following exponential functions? Yes or no and why. For those that are exponential functions, identify the initial amount and the growth rate. |
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a) e) |
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b) f) |
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c) g) |
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d) h) |
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7. For each of the following growth rates, name the growth factor. |
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a) 5% d) 100% |
b) 7.5% e) 200% |
c) 42% f) 150% |
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8. For each of the following growth factors, name the growth rate. |
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a) 1.06 d) 5.00 |
b) 1.15 e) 2.00 |
c) 1.50 f) 3.5 |
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