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5. There is an old question that is often used to introduce the power of geometric growth. Here is one version. Suppose you are hired for a one month (30 days, working every day) job and are given two options to be paid. Option 1. You can be paid $500 per day or Option 2. You can be paid 1 cent the first day, 2 cents the second day, 4 cents the third day, 8 cents the fourth day, and so on, doubling the amount you are paid each day. a. How much will you be paid for the job in total under Option 1? b. Complete Table 8.2.3 to determine the pay you will receive under Option 2 for the first 10 days. c. Find a formula for the amount paid on day n, as well as for the total amount paid by day n. Use this formula to determine which option (1 or 2) you should take.

5. There is an old question that is often used to introduce the power of geometric growth. Here is one version. Suppose you are hired for a one month (30 days, working every day) job and are given two options to be paid. Option 1. You can be paid $500 per day or Option 2. You can be paid 1 cent the first day, 2 cents the second day, 4 cents the third day, 8 cents the fourth day, and so on, doubling the amount you are paid each day. a. How much will you be paid for the job in total under Option 1? b. Complete Table 8.2.3 to determine the pay you will receive under Option 2 for the first 10 days. c. Find a formula for the amount paid on day n, as well as for the total amount paid by day n. Use this formula to determine which option (1 or 2) you should take.

Intermediate Algebra
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 27PS
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Day 1 2 3 4 5 6 7 8 9 10 Pay on this day Total amount paid to date $0.01 $0.01 $0.02 $0.03 Table 8.2.3: Option 2 payments
Transcribed Image Text:Day 1 2 3 4 5 6 7 8 9 10 Pay on this day Total amount paid to date $0.01 $0.01 $0.02 $0.03 Table 8.2.3: Option 2 payments
5. There is an old question that is often used to introduce the power of geometric growth. Here is one version. Suppose you are hired for a one month (30 days, working every day) job and are given two options to be paid. Option 1. You can be paid $500 per day or Option 2. You can be paid 1 cent the first day, 2 cents the second day, 4 cents the third day, 8 cents the fourth day, and so on, doubling the amount you are paid each day. a. How much will you be paid for the job in total under Option 1? b. Complete Table 8.2.3 to determine the pay you will receive under Option 2 for the first 10 days. c. Find a formula for the amount paid on day n, as well as for the total amount paid by day n. Use this formula to determine which option (1 or 2) you should take.
Transcribed Image Text:5. There is an old question that is often used to introduce the power of geometric growth. Here is one version. Suppose you are hired for a one month (30 days, working every day) job and are given two options to be paid. Option 1. You can be paid $500 per day or Option 2. You can be paid 1 cent the first day, 2 cents the second day, 4 cents the third day, 8 cents the fourth day, and so on, doubling the amount you are paid each day. a. How much will you be paid for the job in total under Option 1? b. Complete Table 8.2.3 to determine the pay you will receive under Option 2 for the first 10 days. c. Find a formula for the amount paid on day n, as well as for the total amount paid by day n. Use this formula to determine which option (1 or 2) you should take.
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