Your boss gives you $10000 and wants to know how many bananas you can afford. The only banana dealer in town sells bananas at a starting price of $1, but for each subsequent banana he adds 1% to the price of the previous banana you purchased. So, if the first Banana is $1 then the next one will be $1.01, the one after that will be 1.0201 and so on. Is there any type of formula or equation for this?

Question

Adalyn Gay

17 February, 07:36

+4

Answers (1)

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Kaylee · Answer 1

I = 1%

M = C (1+i) ^n

M = 1000 * (1+0,01) ^n

m = 1000 * (1,01) ^n