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 ________________________________________

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

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

  1. Solve 10X = 1000

 

 

 

 

 

 

 

 

 

 

 

 

 

  1. 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?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  1. 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?

 

 

 

 

 

 

 

 

 

 

 

  1. 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?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  1. 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?

 

 

 

 

 

 

 

 

 

 

 

  1. 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?

 

 

 

 

 

 

 

 

 

 

 

 

 

  1. 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?

 

 

 

 

 

 

 

 

 

 

 

 

  1. Evaluate log(50).

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

  1. If Saint Cloud is growing according to the equation Pn = 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.

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  1. Find the 4th root of 20.