solve these problems please Create the equation for the exponential function described in each real-world problem. Then, use the equation to answer the question.

Question

problem 1

Roberta invested $600 into a mutual fund that paid 4% interest each year compounded annually. Write an exponential function of the form y=a(b)^x to describe the value of the mutual fund then use that function to determine the value of the mutual fund in 15 years.

y=$

Problem 2

The population of a town in 2007 is 113,505 and is increasing at a rate of 1.2% per year. What will the population be in 2012?

y=

y=solve the equation above

Problem 3

Due to the closure of the pulp and paper mill, the population of the small town is decreasing at a rate of 12% annually. If there are now 2400 people living in the town, what will the town's projected population be in eight years?

Answer 1

All of these use the same exponential growth decay equation as given in the question.

y = a*b^x where a is the starting value, b is the growth or decay rate expressed as a decimal, and x is the number of growth or decay periods.

For the 1st one: y = 600*(1.04)¹⁵. Note how the 4% becomes 1.04 in the equation. Change the pct to its decimal form and add 1.

For problem #3, the b factor will be 1 - 0.12, or 0.88, reflecting a declining population.