7.6 - Applications of Compound Interest Formula
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Practice Questions
Test your understanding with targeted questions
If a population of 5,000 grows by 2% per year, what will it be next year?
💡 Hint: Multiply the initial population by 1 plus the growth rate.
What is the value of an item costing 30,000 after a year with 10% depreciation?
💡 Hint: Remember to subtract the depreciation from the original cost.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What is the formula for calculating future population growth using compound interest?
💡 Hint: Think about how population grows each year.
True or False: Compound interest can also apply to depreciation calculations.
💡 Hint: Consider how values decrease over time.
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Challenge Problems
Push your limits with advanced challenges
A population is currently 1 million and is projected to grow at 3% a year. What will be the estimated population in 10 years?
💡 Hint: Adjust the formula for n = 10 years.
A car originally costs 200,000. If it depreciates by 10% per year, calculate its value after 5 years.
💡 Hint: Use the multiplicative effect of depreciation over multiple years.
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