Suppose You Go to Work at a Company That Pays

question 3

Multiple Choice

Suppose you go to work at a company that pays $0.08 for the first day, $0.16 for the second day, $0.32 for the third day, and so on.If the daily wage keeps doubling, what would your
Total income be for working 29 days? Round your answer to two decimal places.

• A)$21,474,836.48
• B)$10,737,418.24
• C)$42,949,672.88
• D)$171,798,691.52
• E)$85,899,345.76

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Definitions:

Depreciation Expense

An accounting method used to allocate the cost of a tangible or physical asset over its useful life, reflecting the asset's consumption, wear and tear over time.

Accounts Payable

Liabilities of a company or an individual due to creditors for goods and services received but not yet paid for.

Earnings Per Share

A measure of a company's profitability that is calculated by dividing its net earnings available to common shareholders by the average outstanding shares.

Common Stock

Represents equity ownership in a corporation, providing voting rights and entitling the holder to a share of the company's success through dividends and/or capital appreciation.