thank you for the help. another question.
Jim opened a savings account with $5. If his savings account doubles every month, how much will he have at the end of the 8 month.
our answer was $1280
1st 5x2=10
2nd 10x2=20
3rd 20x2=40
4th 40x2=80
5th 80x2=160
6th 160x2=320
7th 320x2=640
8th 640x2=$1280
We go the answer wrong. Do we assume that at the end of the first month Jim had $5 which if that is correct he would have $640 at the end of the 8 month. Either way I wish I had a that return on my investments.
Thank You
Deposit = $5.00.
End of 1st month = 5*2^1 = $10.
End of 2nd Month = 5*2^2 = $20.
End of 3rd Month = 5*2^3 = $40.
End of 8th Month = 5*2^8 = $1280.