Question 707283
This is essentially an exponential growth/decay problem. A general equation for these is:
{{{A = A[0]*r^t}}}
where
t = number of units of time
A = the amount after t units of time
{{{A[0]}}} = the initial amount (IOW: The amount at t = 0)
r = the factor of change for 1 unit of time. If r > 1 then the equation is for growth and if 0 < r < 1 then the equation is for decay.<br>
In your problem:
n = 30 days
r = 2 (since the amount doubles each day)
{{{A[0]}}} = 0.05
So your equation is:
{{{A = 0.05*2^30}}}
Finding {{{2^30}}}:
{{{A = 0.05*1073741824}}}
Multiplying:
{{{A = 53687091.2}}}
So after 30 days you will have $53,687,091.20 (Close to $54 million dollars!!)