Question

An online marathon fund raiser continues as long as donations keep coming in. The first hour costs $1.00, and then the cost per hour goes up by 8% every hour. Suppose the fundraiser lasts for 67 hours.

How much will be raised in the last hour? Enter your answer rounded to two decimal places.

How much will be raised in total? Enter your answer rounded to two decimal places.

Answer 1

Solution:

1) 10,765.710

2) 118,378.204

Working:

Hour	Rate per hour	Total cost
1	1.000	1.000
2	1.080	2.160
3	1.166	3.499
4	1.260	5.039
5	1.360	6.802
6	1.469	8.816
7	1.587	11.108
8	1.714	13.711
9	1.851	16.658
10	1.999	19.990
11	2.159	23.748
12	2.332	27.980
13	2.518	32.736
14	2.720	38.075
15	2.937	44.058
16	3.172	50.755
17	3.426	58.241
18	3.700	66.600
19	3.996	75.924
20	4.316	86.314
21	4.661	97.880
22	5.034	110.744
23	5.437	125.040
24	5.871	140.915
25	6.341	158.530
26	6.848	178.060
27	7.396	199.702
28	7.988	223.666
29	8.627	250.186
30	9.317	279.518
31	10.063	311.942
32	10.868	347.765
33	11.737	387.324
34	12.676	430.986
35	13.690	479.155
36	14.785	532.272
37	15.968	590.822
38	17.246	655.334
39	18.625	726.386
40	20.115	804.612
41	21.725	890.705
42	23.462	985.424
43	25.339	1089.598
44	27.367	1204.132
45	29.556	1330.019
46	31.920	1468.341
47	34.474	1620.282
48	37.232	1787.137
49	40.211	1970.318
50	43.427	2171.371
51	46.902	2391.982
52	50.654	2633.995
53	54.706	2899.420
54	59.083	3190.456
55	63.809	3509.502
56	68.914	3859.176
57	74.427	4242.337
58	80.381	4662.105
59	86.812	5121.885
60	93.757	5625.392
61	101.257	6176.681
62	109.358	6780.173
63	118.106	7440.693
64	127.555	8163.503
65	137.759	8954.343
66	148.780	9819.470
67	160.682	10765.710
		118378.204