If your parents paid you $10.00 a week for a year you would have $520.00, but if they paid you $.01 a week, doubling the amount each week (ex. second week - $.02, third week - $.04, etc.), how much would you have at the end of the year? What would be the formula
The title of this post would be 5th grade math not fifth grade
Week 18
To calculate how much money you would have at the end of the year if your parents paid you $0.01 a week, doubling the amount each week, we can use a formula that involves exponential growth.
The general formula for calculating exponential growth is:
A = P * (1 + r)^n
Where:
A is the final amount of money you would have at the end of the year
P is the initial amount of money, which is $0.01
r is the growth rate, which is 100% (or 1) since the amount doubles each week
n is the number of time periods, in this case, the number of weeks in a year, which is 52
So, substituting the values into the formula, we can calculate:
A = 0.01 * (1 + 1)^52
A = 0.01 * 2^52
Using a calculator or mathematical software, we can find the answer to be:
A ≈ $450,359,962.74
Therefore, if your parents paid you $0.01 a week, doubling the amount each week, you would have approximately $450,359,962.74 at the end of the year.