Question

If you save three pennies on January 1, six pennies on January 2, nine pennies on January 3, and continue this pattern for one year (not a leap year), what will be the value of your entire savings, in dollars, at the end of that one year? Express your answer as a decimal.

Answer 1

This is an exponential function.Choose the starting number (.03) to put outside of the parentheses. Choose the constant increase (1.03) to go inside. Raise the entire equation to the 365th power.
.03(1.03)^365= 1454.4817
Round for the dollar amount. The answer is 1454.48