SOLUTION: Suppose you go to a company that pays 0.01 for the first day, 0.02 for the second day, 0.04 for the third day and so on. If the daily wage keeps doubling, what will your total inco

Algebra ->  Sequences-and-series -> SOLUTION: Suppose you go to a company that pays 0.01 for the first day, 0.02 for the second day, 0.04 for the third day and so on. If the daily wage keeps doubling, what will your total inco      Log On


   

Question 1194564: Suppose you go to a company that pays 0.01 for the first day, 0.02 for the second day, 0.04 for the third day and so on. If the daily wage keeps doubling, what will your total income be for working 29 days ?
Found 2 solutions by ikleyn, Boreal:
Answer by ikleyn(52786) About Me  (Show Source):
You can put this solution on YOUR website!
.
Suppose you go to a company that pays 0.01 for the first day, 0.02 for the second day,
0.04 for the third day and so on. If the daily wage keeps doubling, what will your total
income be for working 29 days ?
~~~~~~~~~~~~~~ 

The total income will be the sum of the first 29 terms of the geometric progression 
with the first term 0.01 and the common ratio 2, which is

    0.01 + 0.02 + 0.04 + . . . + 0.01%2A2%5E28 = 0.01%2A%281+%2B+2+%2B+4+%2B+ellipsis+%2B+2%5E28%29 = 0.01%2A%282%5E29-1%29 = 5368709.11 monetary units.

Solved.



Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
this is a(1-r^n)/1-r, and r=2, doubling
so it is 0.01(1-2^29)/(1-2)
=0.01*2^29=5,368,709.12