Guess the answer to the following problem. Then use a calculator to find the correct answer. If the value of 1¢ is to double every day, what will the penny be worth after 31 days? $ 2,147

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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**Problem Description:**

Guess the answer to the following problem. Then use a calculator to find the correct answer.

**Problem Statement:**

If the value of 1¢ is to double every day, what will the penny be worth after **31 days**?

**Guess and Answer Verification:**

- **Guess:**
  - $2,147
- **Verification:**
  - The red cross (✗) indicates that this guess is incorrect.

To solve this problem correctly, follow these steps:

1. Start with 1 cent and double it each day for 31 days.
2. Use the formula for exponential growth: \( P = P_0 \times (2^n) \)
   - Where \( P \) is the final amount.
   - \( P_0 \) is the initial amount (1 cent).
   - \( n \) is the number of days (31).

Calculate the correct value using a calculator to verify your result.
Transcribed Image Text:**Problem Description:** Guess the answer to the following problem. Then use a calculator to find the correct answer. **Problem Statement:** If the value of 1¢ is to double every day, what will the penny be worth after **31 days**? **Guess and Answer Verification:** - **Guess:** - $2,147 - **Verification:** - The red cross (✗) indicates that this guess is incorrect. To solve this problem correctly, follow these steps: 1. Start with 1 cent and double it each day for 31 days. 2. Use the formula for exponential growth: \( P = P_0 \times (2^n) \) - Where \( P \) is the final amount. - \( P_0 \) is the initial amount (1 cent). - \( n \) is the number of days (31). Calculate the correct value using a calculator to verify your result.
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