Exponential Functions, Recognizing Equation From A Set Of Points Worksheet With Answers - 2014 Page 5
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15November 12, 2014
5) For your 16th birthday, you received $250
from your grandparents. (You have very nice
grandparents.) You plan to deposit this gift in
your savings account that earns 5% interest
compounded annually.
Write an equation in standard exponential form for the
amount in your account after x years.
How much money will be in your account on your 18th
birthday given no deposits or withdrawals are made?
How many years will take to double your money?
If your goal is to save this money to purchase a used car and
the car you have in mind costs $5210.99, how long will it take
to have enough money to make the purchase?
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