Question

Suppose you go to a company that pays $0.03 for the first day, $0.06 for the second day, $0.12 for the third day, and so on. If the daily wage keeps doubling, what will your total income be for working 30 days

Answer 1

$16,106,127.36 after 30 days

Explanation:

This situation could be modeled by the equation
`x(2)^(t-1)` where x is the initial value and t is the time. x is the value on "the first day", so in this situation, we would substitute 0.03 for x, giving us
`0.03(2)^(t-1)`.
Then, we plug 30 into this equation, which would give us
`0.03(2)^(29)`.

`(2)^(29)` is equal to 536,870,912-->multiplying this by 0.03 would give us $16,106,127.36