Applications of Geometric Progressions
Interactive practice questions
Suppose you save $£1$£1 the first day of a month, $£2$£2 the second day, $£4$£4 the third day, $£8$£8 the fourth day, and so on. That is, each day you save twice as much as you did the day before.
What will you put aside for savings on the $17$17th day of the month?
What will you put aside for savings on the $29$29th day of the month?
Suppose you save $£1$£1 the first day of a month, $£2$£2 the second day, $£4$£4 the third day, $£8$£8 the fourth day, and so on. That is, each day you save twice as much as you did the day before.
A car enthusiast purchases a vintage car for $£220000$£220000. Each year, its value increases at a rate of $12$12 percent of its value at the beginning of the year. Find its value after $7$7 years, to two decimal places.
Average annual salaries are expected to increase by $5$5 percent each year. If the average annual salary this year is found to be $£49000$£49000: