Question

How much money would you have all together after 20 days if you were given one dollar the first day, double that dollar the next day, then double the previous day's dollars each day?

Answer 1

$1,040,576

Explanation:

This question is an application of the exponential function.

The initial value is $1, the compounding is daily, the common factor is 2.

A = $1(2)^20 = $1,040,576