Problema Solution
Matt is going on vacation in one month and did not realize that he didn’t have any spending money. He decides to deposit money into a coin jar each day for one month. He deposits $0.02 on the first day, $0.04 on the second day, and continues to double the previous day’s amount for one month. How much money would Matt have to deposit on the 12th day?
Answer provided by our tutors
First day: 0.02
Second day: 2*0.02
Third day: 2*2*0.02 = 2^2*0.02
Fourth day: 2*2^2*0.02 = 2^3*0.02
.....
12th day: 2^11*0.02 = $40.96
On the 12th day Matt will have to deposit $40.96.