Question

The supervisor at the second job says, “I’ll give you a penny today and double your pay every day for 30 days if you’ll work for me.”
What is the balance for the job after day 30?
What is the interest rate and number of periods for the job?

Answer 1

I think it would be a 60 penny's and the interest is 2 x 30

Answer 2

First day $0.01

Second day $0.02

Third day $0.04

Fourth day $0.08

Fifth day $0.16

Sixth day $0.32

Seventh day $0.64

Eighth day $1.28

Ninth day $2.56

Tenth day $5.12

Eleventh day $10.24

Twelfth day $20.48

Thirteenth day $40.96

Fourteenth day $81.92

Fifteenth day $163.84

Sixteenth day $327.68

Seventeenth day $655.36

Eighteenth day $1310.72

Nineteenth day $2621.44

Twentieth day $5242.88

Twenty first day $10485.76

Twenty second day $20971.52

Twenty third day $41943.04

Twenty fourth day $83886.08

Twenty fifth day $167772.16

Twenty sixth day $335544.32

Twenty seventh day $671088.64

Twenty eight day $1342177.28

Twenty ninth day $2684354.56

Thirtieth day $5368709.12