00:03
Alright, the purpose of this question is to explore the growth of an exponential function.
00:10
We're given the choice of taking a job and we can either take a million dollars at the end of the month or we can start out with a salary of two cents on the first day that doubles each day.
00:24
In other words, it's two cents and then four cents and then eight cents and then sixteen cents.
00:30
So there's no debate about what you get at the end of the month with a million dollars.
00:35
You just get a million dollars.
00:37
But we're going to look at how the salary grows if we start out with two cents each day and we're looking at an exponential function.
00:44
So an exponential function is made up of three components.
00:48
We have the starting amount and then we have the rate at which it doubles or triples or the growth rate.
01:01
And then we have the time.
01:02
So in other words, how often, how many times does it do that growth rate? so here we're going to start out with two cents and then we're doubling so our growth rate is two and we're going to raise that to the power of thirty.
01:18
We're just assuming that there are thirty days in a month.
01:22
Some days have thirty one and then february has twenty eight or twenty nine...