# You deposit $100 each month into an account earning 3% compounded monthly. How much will you have in the account in 20 years, and how much money will you put into the account?

**MAT1005 Exam 3** Name ________________________________________

- Pam buys 4 new albums every week. She currently has 50 albums.
- a) Write a recursive formula for the number of albums Pam has.
- b) Write an explicit formula for the number of albums Pam has.

- A three year old girl is 28 inches tall. She grows 2 inches a year. In how many years will she be 50 inches?

- In 2014, ABC College enrolled 100 students. If the enrollment grows 4% per year. Find the enrollment number in 2018.

- Solve 10
^{X}= 1000

- Using 4% simple interest paid annually, how much money would you have after 3 years, if you originally had $100. How much interest do you have?

- You deposit $100 in an account earning 3% compounded annually. How much money will you have in 10 years and how much interest will you earn?

- You deposit $100 in an account earning 3% compounded monthly. How much money will you have in 10 years and how much interest will you earn?

- You have $100,000 saved for retirement. Your account earns 3% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 20 years?

- You deposit $100 each month into an account earning 3% compounded monthly. How much will you have in the account in 20 years, and how much money will you put into the account?

- You wish to have $3000 in 2 years to buy a television. How much should you deposit each quarter into an account paying 3% compounded quarterly?

- Evaluate log(50).

- Rewrite log(25) using the exponent property for logs.

- If Saint Cloud is growing according to the equation P
_{n}= 200(1.03)^{n }where n is years after 2010, and the population is measured in thousands. Find when the population will be 400 thousand.

- If you invest $2000 at 5% compounded monthly, how long will it take to triple in value?

- Find the 4
^{th}root of 20.