Story – A Penny Doubled…

Are you conscious of your money habits and compound interest? If you are (just to check), which one would you prefer receive – $1,000,000 today or a penny doubled every day for the next 30 days? If you aren’t, you may like to read on…

Most people may prefer the $1,000,000 today, however as you will see below it is not the best option. If you chose the penny doubled everyday for the next 30 days you would end up with $5,368,709.12. Don’t believe me, have a look at the example below –

Day 1: $.01
Day 2: $.02
Day 3: $.04
Day 4: $.08
Day 5: $.16
Day 6: $.32
Day 7: $.64
Day 8: $1.28
Day 9: $2.56
Day 10: $5.12
Day 11: $10.24
Day 12: $20.48
Day 13: $40.96
Day 14: $81.92
Day 15: $163.84
Day 16: $327.68
Day 17: $655.36
Day 18: $1,310.72
Day 19: $2,621.44
Day 20: $5,242.88
Day 21: $10,485.76
Day 22: $20,971.52
Day 23: $41,943.04
Day 24: $83,886.08
Day 25: $167,772.16
Day 26: $335,544.32
Day 27: $671,088.64
Day 28: $1,342,177.28
Day 29: $2,684,354.56
Day 30: $5,368,709.12

“Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.” ~ Albert Einstein.

If you would like a money challenge, why not have a look at the 52-Week Money Challenge?

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