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Day 3 Exponential Growth.notebook March 15, 2017 Date: 3/15 or 3/16 Objective: I can solve equations using exponential growth. Entry: Evaluate 1) f(x) = 4(7)x , x = 3 2) f(x) = 80(1/2)x , x = 10 Graph 3) y = 2(3)x 4) y = 8(1/2)x Vocabulary Exponential growth occurs when an quantity increases by the same rate r in each period t. 1 Day 3 Exponential Growth.notebook March 15, 2017 Ex 1 Exponential Growth The original value of a painting is $9,000 and the value increases by 7% each year. Write an exponential growth function to model this situation. Then find the painting’s value in 15 years. Equation Step 1 Write the exponential growth function for this situation. Step 2 Find the value in 15 years. A B When will the painting have doubled in value? If you wanted to sell the painting when it was worth at least $15,000, what would be the first year you might sell it? Example 2: Art World A sculpture is increasing in value at a rate of 8% per year, and its value in 2000 was $1200. Write an exponential growth function to model this situation. Then find the sculpture’s value in 2006. Equation Step 1 Write the exponential growth function for this situation. Step 2 Find the value in 2006. Bonus In what year will the sculpture be worth $5000? 2 Day 3 Exponential Growth.notebook March 15, 2017 Compound Interest is interest earned or paid on both the principal and previously earned interest. Ex 3 Financial Applications Write a compound interest function to model each situation. Then find the balance after the given number of years. $1200 invested at a rate of 2% compounded quarterly. Equation Step 1 Write the compound interest function for this situation. Step 2 Find the balance after 3 years. Bonus How long will it take for the balance to be $1500? 3 Day 3 Exponential Growth.notebook March 15, 2017 Ex 4 More Financial Applications Write a compound interest function to model each situation. Then find the balance after the given number of years. $1200 borrowed at a rate of 9.5% compounded monthly, assume no payments are being made. Equation Step 1 Write the compound interest function for this situation. Step 2 Find the balance after 4 years. Bonus When will you owe $5000? Practice book assignment 11.3 Pages 809810, #2,3, 1017, 3739 4 Day 3 Exponential Growth.notebook March 15, 2017 5