Question

Suppose a magic genie offers you two options.

Option 1: The genie will give you $1000 on the first day of the year and will add $1000 to what you have each succeeding day of January until the end of the month.

Option 2: The genie will give you 2 cents on the first day of the year and will double the amount you had on the previous day for each day of January until the end of the month.

You can use Excel to help you solve this of you may do it by hand. As a hint, I have started your chart:

Date in January	Total $ with Option 1	Total $ with Option 2
1	1000	0.02
2	2000	0.04
3	3000	0.08
4

For option 2, on January 31, you have ________ times as much money as you had on January 1.

Answer 1