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Do you know how to use exponents, e.g. 2^3?

yes..

What's the equation for the amount of money that the person gets on Day X?

...?

What exponential function gives you f(0) = 1, f(1) = 4, f(2) = 16?

It has to have an X in it to represent the day number

2^x

if x=1, what's 2^x? What about if x=2?

if x=1then2^x is 2, if x=2 then 2^x = 4

ok, that doesn't seem right then, right? We wanted when x=1, it's 1, and when x=2, it's 4

so try again, can you think of a function that goes up by a factor of 4 each time?

4? You need an X for it to be a function