Answer:
The total income after 29 days is $16,106,127.33
Step-by-step explanation:
This is a geometric progression with the first element being 0.03 and the ratio is 2. So if we want to know the total income after 29 days we can use the formula for the sum of elements in a series of that kind, this is given by:
sum(29 elements) = [(first element)*(1 - r^(29))]/(1 - r)
sum(29 elements) = [0.03*(1 - 2^(29))]/(-1)
sum(29 elements) =(0.03*(-536870911))/(-1)
sum(29 elements) = -16106127.33/(-1) = 16106127.33
The total income after 29 days is $16,106,127.33
