Question

***MEDAL***

Please help me with this.

Journal: Would you rather?

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 30 days."

The supervisor at the second job says, "I'll give you a penny today and double your pay for 30 days every day if you'll work for me."

-Which job would pay more? (The second one, I know this.)
-What is the balance for the second option after day 30?
-What is the interest rate and number of periods for the second option?

Answer 1

Not completely sure what the 3rd step is asking... Elaborate on that?

Answer 2

2nd makes more money. .01*2^30=10,737,418

Answer 3

I know what the number of periods are, I just cant quite find the interest rate. Now if I knew how to explain that then that means I would understand it and if I understood it, I wouldnt be here. lol

Answer 4

Okay good, cause i got 10,737,418 as well.

Answer 5

Lol interest rate commonly is 5%

Answer 6

So... 10,737,418 x 5% = 536,870.9 ~ Your total after interest is 11,274,288.9 dollars.

Answer 7

5% ? Are you sure ?

Answer 8

Not COMPLETELY sure but I believe so.

Answer 9

Good enough for me xD