Question

Option A –

For 30 days, I give you an amount of money to save. On day 1, I will give you $0.01. On day 2, I will double that and give you $0.02. You now have $0.03. On day 3, I will double the previous day and give you $0.04. You now have $0.07. This pattern will continue until 30 days have passed.

Option B –

For 30 days, I will give you $10,000 to save. Each day I will increase the amount by

5%. So, on day 1 I give you $10,000 and at the end of the day I increase it by 5% to have a total of $10,000 + $500 = $10,500.

What would be the function formula to figure this out in Excel?

Answer 1

Option A)

To calculate the amount in a particular day the formula is Starting amount X Power Value

i.e 0.01 X power value

Excel formula:

Option B)

To calculate the amount in a particular day the formula is Principal Amount X Additional value

i.e 10000 X Additional value

Excel Formula:

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