SOLUTION: In a financial deal, you are promised $900 the first day and each day after that you will receive 55% of the previous day's amount. When one day's amount drops below $1, you stop
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Question 860973: In a financial deal, you are promised $900 the first day and each day after that you will receive 55% of the previous day's amount. When one day's amount drops below $1, you stop getting paid from that day on. What day is the first day you would receive no payment and what is your total income?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
In a financial deal, you are promised $900 the first day and each day after that you will receive 55% of the previous day's amount. When one day's amount drops below $1, you stop getting paid from that day on. What day is the first day you would receive no payment and what is your total income?
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1st day:: 900
2nd day:: 900*0.55
3rd day:: 900*0.55^2
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nth day:: 900*0.55^(n-1)
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Solve 900*0.55^(n-1) < 1 for "n".
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Cheers,
Stan H.
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