Below are two situations that can be described using exponential functions. They represent a small sampling of the situations where quantities grow or decay by a constant percentage over equal periods of time. For each situation:
Find an appropriate unit of time (such as days, weeks, years).
Find the multiplier that should be used.
Identify the initial value.
Write an exponential equation in the form
that represents the growth or decay.
A house purchased for
has an annual appreciation of .
The number of bacteria present in a colony is
at noon, and it increases at a rate of per hour.
This problem is similar to part (a) above.