How/where do I find the formulae to double a cent every day for a month?
Or what is the formula?.. I want to know where / how to find it.
..for the purpose of punching it into this calculator.
The word problem is actually, if I place 1 cent on the first square of a chess board, 2 cents on the second square, and keep doubling the amount on each square, how much money will be on the 20th square?
Outside of class, one of my classmatescame up with this senario:
Using the function key with x down to the left and the y up to the right she says 1 is x, y is 20 which = 1 ..that was where I was at asking myself what? I tried 1(1.0) to the 20th power..still not right..
therefore [and she gives no explanation for why she did this, yet]
therefore she says 2 is x, y is 19 divided by 100= which she then says is 52,488 divided by 100 = $5, 242.88
But why ? Why are we using 2? Why are we using 19? Is the 19 because the first day is present but not doubled? I would say yes, that is why. But why the number 2? How does that work? [we're given the correct answer and that is it] but WHY?
Thanks in advance!
Amy
First semester (College) Math & Personal Finance
+129839 Assuming a 30 day month...we have
Sum =
Beginning amount in cents * [ 1 - (ratio beween terms)^no. of days ] / [1 - ratio beween terms ] =
1 * [ 1 - 2^30 ] / [1 - 2] = 1073741823 cents = $1,073,741,823
This simplifies to : 2n - 1 = 230 - 1 = 1073741823 cents = $1,073,741,823
The second is obviously easier to deal with....!!!
Also....." n" can be any number of "doubling" days......
