8.2 Interest Equations Key Q-How is an exponential function used to find interest? These are all money problems so you should have two decimal places.

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Presentation transcript:

8.2 Interest Equations Key Q-How is an exponential function used to find interest? These are all money problems so you should have two decimal places.

Compound Interest c Starting amount r Rate n How many times it is compounded in one year t Time

You deposit $1500 into an account that is compounded quarterly at a rate of 3.2%. How much money do you have after 7 years?

You deposit $2000 into an account that is compounded monthly at a rate of 2.83%. How much do you have after 3 years?

Continuously Compounded Interest P Starting amount r Rate t Time

You deposit $500 into an account that is compounded continuously at a rate of 6%. How much do you have after three years?

You deposit $900 into an account that is compounded continuously at a rate of 1.4%. How much do you have after ten years?

The number e Also known as natural base e Euler number What is the value of e?

Is an exponential function with e growth or decay? If the exponent is positive it is a growth function, if the exponent is negative it is a decay function.

Simplifying expressions