Question

Solve. Use a calculator as needed for evaluating formulas.

Suppose an employer offers to pay under the following​ conditions: $ 0.03 for the first​ day, $ 0.06 for the​ second, $ 0.12 for the​ third, and so​ on, doubling the previous​ day's salary each day for 15 days. How much money will be​ earned?
The amount of money earned is ​$
nothing.

Answer 1

$70.22 to the nearest cent.

Explanation:

This is a geometric series with first term 0.03 and common ratio 2.

We need to find the sum of 15 terms of this series.

S15 = 0.03 *( 2^15 - 1) / (15 - 1)

= $70.22 .