Question

A person saves €1 in the first month and decides to double the amount he saves the next month. He continues this pattern of saving twice the amount he saved the previous month for 12 months how much will he save on the 12th month and how much will he have saved in titsl for the year ignoring any interest he received?

Answer 1

On the twelfth month, he will save 2,048.

In total for the year, he will save 4,104.

Explanation:

The first month the account is deposited 1.

The second month the account is deposited 2.

The third month the account is deposited 4.

The fourth month the account is deposited 8.

The fifth month the account is deposited 16.

The sixth month the account is deposited 32.

The seventh month the account is deposited 64.

The eighth month the account is deposited 128.

The ninth month the account is deposited 256.

The tenth month the account is deposited 512.

The eleventh month the account is deposited 1024.

The twelfth month the account is deposited 2048.

We now add all the deposits for the total amount.

1+2+4+8+16+32+64+128+256+512+1024+2048=4,104

With no interest, this is the total amount fir the year.