Question 1001204: If you were given 1 penny on Monday, 2 pennies on Tuesday, 4 pennies on Wednesday, 8 pennies on Thursday, 16 pennies on Friday,etc and you saved all of them and this process continued, how long would it take to save one million dollars
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! If you were given 1 penny on Monday, 2 pennies on Tuesday, 4 pennies on Wednesday, 8 pennies on Thursday, 16 pennies on Friday,etc and you saved all of them and this process continued, how long would it take to save one million dollars
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Geometric Series:: 1+2+4+.... = 100,000,000
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S(n) = a[(r^n-1)/(r-1)]
S(n) = 100,000,000
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a = 1
r = 2
Find n::
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100,000,000 = [2^n - 1]/[1]
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2^n-1 = 100,000,000
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2^n = 100,000,001
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n = log(100,000,001)/log(2)
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n = 8/0.3010
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n = 26.58 or the 27th day
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Cheers,
Stan H.
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