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Section 6.5 : Applications
- We have $10,000 to invest for 44 months. How much money will we have if we put the money into an account that has an annual interest rate of 5.5% and interest is compounded
- We are starting with $5000 and we’re going to put it into an account that earns an annual interest rate of 12%. How long should we leave the money in the account in order to double our money if interest is compounded
- A population of bacteria initially has 250 present and in 5 days there will be 1600 bacteria present.
- Determine the exponential growth equation for this population.
- How long will it take for the population to grow from its initial population of 250 to a population of 2000?
- We initially have 100 grams of a radioactive element and in 1250 years there will be 80 grams left.
- Determine the exponential decay equation for this element.
- How long will it take for half of the element to decay?
- How long will it take until there is only 1 gram of the element left?