At some point you’ll have seen the query: “Would you rather have a penny that doubles every day for a month or $1 million?” You could also be wondering if the choice you’d instinctively select is one of the best option. Luckily, you possibly can figure it out with somewhat math. If you had to make a choice from a penny that doubles day-after-day for a month and one million dollars, here’s what it’s worthwhile to know.
A penny that doubles day-after-day for a month, or $1 million
The difficult query of which option you’d select is definitely based on an Indian fable. The fable “A Grain of Rice,” because it is usually called, is a couple of Raja who withheld rice from his people. A village girl saw rice falling that was speculated to go to the Raja, and in return for her good deed of collecting it and giving it to the Raja, she was offered a reward.
The girl first asked for a grain of rice. When the Raja scoffed, she modified her request to 1 grain of rice, which doubled day-after-day for thirty days. The Raja accepted, but found that the ultimate sum was quite substantial.
In many cases, an individual’s first instinct when deciding between a penny that doubles day-after-day for a month and one million dollars is to take the million. This is principally because $1,000,000 and $0.01 have such large differences that it looks as if the penny option cannot catch up.
However, if you happen to bet on the penny as an alternative, you really have a major advantage. Here’s the total breakdown by day:
Day 1 – 10
| 1 | $0.01 |
| 2 | $0.02 |
| 3 | $0.04 |
| 4 | $0.08 |
| 5 | $0.16 |
| 6 | $0.32 |
| 7 | $0.64 |
| 8 | $1.28 |
| 9 | $2.56 |
| 10 | $5.12 |
Day 11 – 20
| 11 | $10.24 |
| 12 | $20.48 |
| 13 | $40.96 |
| 14 | $81.92 |
| 15 | $163.84 |
| 16 | $327.68 |
| 17 | $655.36 |
| 18 | $1,310.72 |
| 19 | $2,621.44 |
| 20 | $5,242.88 |
Day 21 – 30
| 21 | $10,485.76 |
| 22 | $20,971.52 |
| 23 | $41,943.04 |
| 24 | $83,886.08 |
| 25 | $167,772.16 |
| 26 | $335,544.32 |
| 27 | $671,088.64 |
| 28 | $1,342,177.28 |
| 29 | $2,684,354.56 |
| 30 | $5,368,709.12 |
Ultimately, selecting the penny leads to a greater than five-fold million dollar alternative. Many see this as a lesson in the facility of investing and long-term money growth, and what can occur whenever you ensure your money works for you.
You can find more articles with great savings suggestions here:
- Dollar cost average up to 1 million dollars
- 5 Countries Where You Can Live on the Interest of $1 Million
- What are the common characteristics of millionaires?
- Seventeen bills in your wallet value greater than face value
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