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) About Me  (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.