Practice Applications Of Compound Interest Formula (7.6)

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6 sample questions

Question 1.
If a population of 5,000 grows by 2% per year, what will it be next year?
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Multiply the initial population by 1 plus the growth rate.
Question 2.
What is the value of an item costing 30,000 after a year with 10% depreciation?
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Remember to subtract the depreciation from the original cost.
3Question 3.
What is the formula for calculating future population growth using compound interest?
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Think about how population grows each year.
4Question 4.
True or False: Compound interest can also apply to depreciation calculations.
- True
- False
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Consider how values decrease over time.
Question 5.
A population is currently 1 million and is projected to grow at 3% a year. What will be the estimated population in 10 years?
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Adjust the formula for n = 10 years.
Question 6.
A car originally costs 200,000. If it depreciates by 10% per year, calculate its value after 5 years.
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Use the multiplicative effect of depreciation over multiple years.

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