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 29 days ? Total Income = 16106127.33 Correct

Answer 1

The total income after 29 days is $16,106,127.33

Explanation:

This is a geometric progression with the first element being 0.03 and the ratio is 2. So if we want to know the total income after 29 days we can use the formula for the sum of elements in a series of that kind, this is given by:

sum(29 elements) = [(first element)*(1 - r^(29))]/(1 - r)

sum(29 elements) = [0.03*(1 - 2^(29))]/(-1)

sum(29 elements) =(0.03*(-536870911))/(-1)

sum(29 elements) = -16106127.33/(-1) = 16106127.33

The total income after 29 days is $16,106,127.33