You're correct. The formula is
For instance, how much on the 5th day?. 16+8+4+2+1=31
So, on the 30th day, he would have .
A rather large number, even in pennies.
That is $10,737,418.23
The king may have him beheaded after seeing that.
Here is the question:
In an old story, a king asked a peasant to come and work for him. They both agreed that the job to be done could be completed in a month (30 days). The peasant asked the king if he could be paid in the following way: "On the first day that I work, I would like to be paid one penny. Each day that I work, I would like you to double my income." The king thought this was a great deal and happily agreed.
Analyze the deal that the king and the peasant made to determine whether or not the peasant made a good deal with the king.
Now I know that the peasant is getting the better deal. And I believe I have to use the formula tn=ar^n-1.