Question: There is an old question that is often used to introduce the power of geometric growth. Here is one version. Suppose you are hired for

 There is an old question that is often used to introduce
the power of geometric growth. Here is one version. Suppose you are

There is an old question that is often used to introduce the power of geometric growth. Here is one version. Suppose you are hired for a one month (30 days, working every day) job and are given two options to be paid. Option 1. You can be paid $500 per day or Option 2. You can be paid 1 cent the first day, 2 cents the second day, 4 cents the third day, 8 cents the fourth day, and so on, doubling the amount you are paid each day. a. How much will you be paid for the job in total under Option 12 b. Complete Table 8.2.3 to determine the pay you will receive under Option 2 for the first 10 days. c. Find a formula for the amount paid on day n, as well as for the total amount paid by day n. Use this formula to determine which option (1 or 2) you should take. 448 Day Pay on this day $0.01 $0.02 Total amount paid to $0.01 $0.03 Table 8 2.2. Ontion

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