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Laabri

Alg462 Review Applications, Compound/Continuous Interest

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Last updated over 5 years ago
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Asemmisa {{asɛmmisaAhyɛnsode}}
1.

From 1990 to 2000, the population of California can be modeled by

where t is the number of years since 1990.

What was the population in 1990?

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2.

From 1990 to 2000, the population of California can be modeled by

where t is the number of years since 1990.

What is the annual percent increase?

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3.

From 1990 to 2000, the population of California can be modeled by

where t is the number of years since 1990.

Estimate the population in 2007. Round your answer to the nearest person.

Show all of your work in the "show your work" box.

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4.

You buy a new car for $22,500. The value of the car decreases by 25% each year. Write an exponential decay model giving the car's value V (in dollars) after t years.

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5.

Use the model you wrote in #4 to determine the value of the car after three years.

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6.

Use the model you wrote in #4 to determine approximately how many years it will be when the car is worth $5300?

Show your work in the "show your work" box below.

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7.

You deposit $2200 in an account that pays 3% annual interest. After 15 years, you with draw the money. What is the balance if the interest is compounded quarterly?

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8.

You deposit $2200 in an account that pays 3% annual interest. After 15 years, you with draw the money. What is the balance if the interest is compounded continuously?

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9.

You deposit $6000 in an account that pays 4.75% annual interest. Find the balance after 7 years if the interest is compounded with the given frequencies in the table in the "show your work" box.

Be sure to show your work for each frequency.

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10.

Asemmisa {{asɛmmisaAhyɛnsode}}
11.

Show your work in the "show your work" box.