You are interviewing for two jobs.
The supervisor at the first job says, “I’ll give you a million dollars today if you’ll work for me for thirty days.”
The supervisor at the second job says, “I’ll give you a penny today and double your pay every day for 30 days if you’ll work for me.”
Which job would pay more?
Answer the following questions.
1. What is the balance for the second option after day 30?
2.What is the interest rate and number of periods for the second option?
3.Bonus: Can you write an equation using the Balance for Interest formula for any number of days, n?
The supervisor at the first job says, “I’ll give you a million dollars today if you’ll work for me for thirty days.”
The supervisor at the second job says, “I’ll give you a penny today and double your pay every day for 30 days if you’ll work for me.”
Which job would pay more?
Answer the following questions.
1. What is the balance for the second option after day 30?
2.What is the interest rate and number of periods for the second option?
3.Bonus: Can you write an equation using the Balance for Interest formula for any number of days, n?
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I actually remember a similar question to this from back when I was a lowly freshman in highschool...you would want to take the second job. Your total pay at the end of the 30 days would be $5,368,709.12
Unfortunately, I don't remember how to do the other parts of the question. It has been almost 20 years since I was a freshman...scary...
Unfortunately, I don't remember how to do the other parts of the question. It has been almost 20 years since I was a freshman...scary...