Solve the Problem $a _ { n } = 0.02 ( 2 ) ^ { n - 1 }$

question 16

Multiple Choice

Solve the problem.
-Suppose that an individual is paid $0.02 on day 1 and every day thereafter, the payment is doubled.
a. Write a formula for the nth term of a sequence that gives the payment (in $) on day n.
b. How much will the individual earn on day 10? day 20?

• A) a. \(a _ { n } = 0.02 ( 2 ) ^ { n - 1 }\)
• b. \(\$ 10.24\) on day \(10 , \$ 10,485.76\) on day 20
• B) a. \(a _ { n } = 0.02 ( 2 ) ^ { n }\)
• b. b. \(\$ 40.94\) on day \(10 , \$ 41,943.02\) on day 20
• C) a. \(a _ { n } = 0.02 ( 2 ) ^ { n - 1 }\)
• b. \(\$ 20.46\) on day \(10 , \$ 20,971.5\) on day 20
• D) a. \(a _ { n } = 0.02 ( 2 ) ^ { n }\)
• b. b. \(\$ 20.48\) on day \(10 , \$ 20,971.52\) on day 20

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Definitions:

Income Statement

A financial report that shows a company's financial performance over a specific period, detailing revenue, expenses, and net profit or loss.

Distribution

The process of delivering products from the supplier or manufacturer to the end consumer through various distribution channels.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board that guide how companies prepare and present their financial statements.

Income Statement

A document presenting a firm's income, expenses, and profits during a certain timeframe.