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Receive $500,000 1month OR Receive 1 penny on the 1st day & double that amount each day of the month

Imagine your family is really, really rich. You always receive a big allowance, but this month your family is going to let you choose how much to receive. a) Receive $500,000 for the month. b) Receive one penny on the first day and double that amount each day of the month.(31 days) This is called COMPOUNDING Which would you choose and why?

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6 years ago