SOLUTION: You will receive $1500 on the first day. Every day after this your payment gets cut in half. You will receive payments every day for the rest of your life
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Question 757682: You will receive $1500 on the first day. Every day after this your payment gets cut in half. You will receive payments every day for the rest of your life
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
This is a geometric sequence: 1500, 750, 375, 187.5, ...
First term: a = 1500
Common Ratio: r = 1/2
Sum of Infinite Series
S = a/(1-r) = 1500/(1-1/2) = 3000
So you will receive a total of 3000 dollars over the course of your lifetime.
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