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Module 2 Review

2.06 UTILIZING FUNCTIONS PRACTICE EXAM

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What type of model fits the data in each table? Linear, Quadratic or Exponential.

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What model best represents the types of interest?

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Given I=$224, P=$400, and r=7%. Solve for t.

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A principal amount of $1,300 is placed in a savings account with an annual interest rate of 3.35% compounded monthly. How much interest does the account earn after 10 years?

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What does 430 represent?

What does 0.035 represent?

What does 5 represent?

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A principal amount of $2,100 is placed into a savings account for 15 years with an APR of 2.35%. What is the difference in the total account balances if the simple interest is applied to continuously compounded?

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A nurse receives a $2,000 sign-on bonus after being hired. They place the money in a savings account with an APR of 6.5% for 18 years. How much interest would be earned with monthly compounded interest? Continuously compounded?

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A nurse receives a $2,000 sign-on bonus after being hired. They place the money in a savings account with an APR of 6.5% for 18 years. What is the APY for each account?

Compounded Monthly

Continuously Compounded