Name__________________________________
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Honors PreCalculus 4.6 - 4.8 Take Home Quiz
MULTIPLE CHOICE. Show all work. Choose the answer that best solves the proble
m
Solve the problem.
1
)
A local bank advertises that it pa
y
s interest on savings accounts at the rate of 3% compounded monthl
y
. Find
the effective rate . Round answer to two decimal places.
A) 3.04% B) 3.40% C) 3.44% D) 36%
SHORT ANSWER. SHOW ALL WORK!!!!
Find the present value.
2
)
How much mone
y
needs to be invested now to get $2000 after 4
y
ears at 8% compounded quarterl
y
? Express
your answer to the nearest dollar.
Find the time needed to double your money. Express your answer rounded to 2 decimal places
.
3
)
How man
y
y
ears will it take for $10,000 to double in value if it earns 7% compounded continuoul
y
? Round
answer to two decimal places.
Solve the problem.
4
)
A culture of bacteria obe
y
s the law of uninhibited growth. If 140,000 bacteria are present initiall
y
and there are
609,000 after 6 hours, how long will it take for the population to reach one million?
1
