Question

Kaizen is a Japanese word that means continuous development. It says that each day we should focus on getting1% better on whatever we're trying to improve.How much better do you think we can get in a year if we start following Kaizen today?Note: You can take the value of (1.01)^365 as 37.78%Show Calculator

Answer 1

This is a compound interest-like problem.

The formula we can use is:

`Improvement=P(1+r)^(365)`

P is the initial value of the skill we are trying to improve

r is the rate we are improving per day, in decimal

Then:

Let's say P = 1, that's the initial value of the skill

To convert 1% daily in to decimal:

`r=(1)/(100)=0.01`

Thus:

`Improvement=1(1+0.01)^(365)=1.01^(365)`

Using the value given by the problem:

`Improvement=37.78`

This means that after a year of improving 1% daily, we are getting 37.78 times better at it!

To convert this to percentage, we multiply by 100:

`37.78\cdot100=3778\%`

The answer is 3778%