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How do you find out how much time it will take the money in your bank account to double?

How do you find out how much time it will take the money in your bank account to double? For example: I f you have $100 in the bank, how long until you earn $100 interest?. In this lesson you will learn how to create and solve exponential equations by using a table of values. Example:

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How do you find out how much time it will take the money in your bank account to double?

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  1. How do you find out how much time it will take the money in your bank account to double? For example: If you have $100 in the bank, how long until you earn $100 interest?

  2. In this lesson you will learn how to create and solve exponential equations by using a table of values

  3. Example: You start with 25 dots, and the number of dots increase by 40% in every step. 40% growth 40% growth

  4. y = a(1+r)x y = 25(1+.4)x 40% growth 40% growth y = 25(1.4)x

  5. Growth Factor > 1 (example 1.4) 0 < Decay Factor < 1 (example 0.4)

  6. Your bank account has grown according to the data shown in the table. Write an equation and find out how long your account will take to reach a balance of $600?

  7. y = a(1+r)x y = (400)*(1+r)x y = (400)*1.06x 600 = (400)*1.06x x ≈ 7 years VERIFY: what does my answer mean? does this make sense?

  8. In this lesson you have learned how to create and solve exponential equations by using a table of values

  9. When you buy a new car, its value quickly “depreciates”, or, loses value according to the data seen here. Approximately how long will it take for your car’s value to fall to $13000?

  10. y = a(1+r)x y = (25000)*(1+r)x y = (25000)*.85x 13000 = (25000)*.85x x ≈ 4 years VERIFY: what does my answer mean? does this make sense?

  11. Investigate the interest rates of a few different bank accounts and evaluate which is a better account for your money. Don’t forget to look for monthly vs. annually compounding interests! • Explore the math function called “logarithm”, and investigate how the “logarithm” can help you solve exponentials.

  12. 1. Your bank account is compounded 6% annually (every year). If you put $500 to start, in how many years will your bank account reach $1000? 2. Polar bear populations have been on the decline recently. If the population is decreasing at a rate of 13% each year, how long will it take an original population of 7000 to reach 4000?

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