At some point, you may have seen a question: “Do you rather double your penny a month or $1 million a day?” You may be wondering if the option you instinctively choose is the best option. Fortunately, you can use some math to figure it out. If you have to choose a month or $1 million between doubled one cent a day, this is what you need to know.
One cent, double a month or $1 million a day
The challenging question of which choice you want to take is actually based on Indian allegorical. The commonly mentioned fable of “one grain of rice” involves a Raja who raises rice with the people. A country girl saw the rice falling and was supposed to go to Raja. In exchange for the good deed she collected and gave it to the prince, she was rewarded.
The girl initially asked for a grain of rice. When Raja teased her, she changed her request to double the rice thirty days a day. Raja accepted it, but found that the ends totaled.
In many cases, when asked to choose between a cent or a million dollars a day, a person’s first instinct is to take up a million dollars. Mainly because $1,000,000 and $0.01 are so big that it looks like Penny Option can’t catch up.
But by pairing with a penny, you are actually huge. This is the full failure during the day:
Days 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 |
Days 11 to 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 |
Days 21 to 30
| twenty one | $10,485.76 |
| twenty two | $20,971.52 |
| twenty three | $41,943.04 |
| twenty four | $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, choosing a cent is more than five times the million-dollar alternative. Many people think this is a lesson from the power of investment and long-term monetary growth, which shows what might happen if you make sure your funds work for you.
If you had to choose a penny that doubles a day, a month or a million dollars, and then read the article above, what would you choose? Are you surprised that a penny puts you ahead, or you already know that is the case? Share your thoughts in the comments below.
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