Would You Take $ 1 Million - Or One Penny, Doubled Every Day for Thirty Days?

Would You Take $ 1 Million - Or One Penny, Doubled Every Day for Thirty Days?

When I was a young lad my father posed this question to me when he was teaching me the basics of money and finances.

I answered incorrectly, and I was too young to understand the explanation that he gave me which at the time seemed too unbelievable for my young mind to comprehend.

Back then I answered incorrectly, but today I understand the arithmetic that I am going to share with you.

And now I would like to pose thjis question to you.

Would You Take $ 1 Million - Or One penny, Doubled Every Day for Thirty Days?

You have to choose one or the other.

The answer will surprise you, I assure, unles you have seen this explanation before.

If I could give you a choice to have either $ 1 Million, or to give you one penny every day and then double the result from the first day for the next 30 days, which would you take?

Before answering quickly, or without thinking, you need to see the following chart to understand the power of doubling a sum, every day for a fixed period of time, in this example, for 30 days.

Let's check it out to see what I mean for the first 10 days to truly understand and appreciate the power of doubling.

If you could double a Penny every day for 30 days what would you have?

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

Total: Over $ 11,500,000 ...believe it or not!

Amazing, right?