A student decided to start saving money. On the first day he saved 1 cent, on the second day an additional 2 cents, on day 3 he saved 4 cents. Each day he doubled the amount he saved the previous day. How much would he be saving on day 20?
(Hint: The first term of the geometric sequence is 0.01 and the common ratio is 2. What is the 20th term?)
Question 1 options:
A-$3.80
B-$10,485.75
C-$5,242.88
D-$10,485.76