Solved: Time value of money-beginning with one penny, Finance Basics

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Time value of money-beginning with one penny

Problem:

Suppose that you begin the month with one penny. Each day, you earn as much as the total you possessed the day before (day 1 you have $0.01, day 2 you earn $0.01 and you now possess $0.02, day 3 you earn $0.02 and now possess $0.04, etc.). How much will you possess at the end of one month?

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Finance Basics: Time value of money-beginning with one penny

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