I need support with this Algebra question so I can learn better.
Exponential Functions Project
You will need to:
1. Pick one of the following scenarios:
- You buy a new car that cost $25,000. The car depreciates at a rate of 11% per year.
- You put $7,500 into an investment account. The account is projected to earn 9% interest per year.
- The population of Kensington is currently 120,000 people. It is growing at a rate of 0.35% per year.
- The population of Camden, NJ is currently 180,000 people. People are moving out at a rate of 1.2% per year.
2. Write an equation to represent the exponential function of the scenario.
3. Create a table to represent the exponential function
- Identify the growth/decay rate on your table.
- Explain how the growth/decay rate represents an exponential function.
4. Create a graph to represent the exponential function.
5. Use color to connect and identify “a” and “b” in the table, equation, graph, and scenario.
6. Identify the following:
a. Independent variable
b. Dependent variable
e. Starting point
f. Growth/decay rate