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Exam Review #3 – Exponential Functions & Personal Finance (Units 6 – 7) MCF3M 1. Use exponent laws to simplify each of the following. Then, evaluate (if possible). 4 2 a) 3 × 3 × 3 d) 8 2 3 ×8 −2 −1 3 g) (− 27 )3 2 (2 ) (2 ) (2) b) 2 3 −1 2 28 e) 9 −5 −3 4 3 9 2 f) 16 2 93 h) 2 2 2 c) × 3 3 −2 64 3 27 2. Simplify the following. ( ) −1 a) a 2 a 3 a −6 a2 (4 x y ) b) 2 3 3. Ontario’s population in 1991 was approximately 10.1 million. The population has been increasing at a rate of 1.25% per year. a) Write an equation to represent the population of Ontario, y millions and the number of years, x since 1991. b) Use your equation to estimate the population of Ontario in the year 2041 4. An elementary school currently has a population of 550 students. It has been estimated that the population of students at the school will decrease by 1.1% each year. a) Find an equation that will give the number of students at the school each year. a) b) Use your equation to predict the student population of the school in: 1 year, 5 years and 10 years b) 5. text page 352 #3, 4 6. Jenna saves $100 per month from her part time job. She puts the money into a savings account that pays 3.5%/a compounded monthly. How much will she have saved in 5 years? 7. Kris purchases a used car for $8,500. He makes a down payment of $1000 and borrows the rest at 8%/a compounded monthly. He will make monthly payments for 4 years. How much is each payment? 8. Suppose you win 1 million in the lottery. You invest the money into an annuity that will provide you with equal monthly payments for the next 30 years. The interest is earned at 5%/a compounded monthly. How much is each payment? ANSWERS 1. a) 34 = 81 b) 1 8 c) 27 8 1 2 d) 83 = 2 e) 93 = 27 3. a) y = 10.1(1.0125) x b) 18.8 million f) 64 27 x 4. a) y = 550(.989) 6. $6546.61 7. $183.10 8. $5368.21 g) 9 h) 9 16 1 𝑎9 2. a) b) 544, 520, 492 b) 64x6y3