Would you rather have 1 million dollars or 1 penny a day doubling the amount per day for 31 days?
Very interesting. Second option please.
Would you rather have one million dollars or one penny doubled each day for thirty days?
i'd take the doubled pennies you'd end up with $10,737,418.24 if only making $10million were that easy!! :)
Would you rather have one penny doubled the total every day for a month or $50,000?
This is the old query that goes back to the man who was asked by the king to rescue his daughter from a foreign land.The king offered him $5,000 and that was considered an extremely good amount of money.But the Knight said “I would only ask that you pay me 1 penny on the first of the month and double each day for 31 days, instead of the $5,000.The king agreed very quickly, and when the knight returned, and the king told his accountant to make the payments as agreed upon, the accountant gave the knight 1 penny, and said come back tomorrow, and each day till all 31 have passed.At the end of 31 days the king’s accountant had paid the knight $42,949,673.31.
Would you prefer 1 million dollars now or 1 cent doubled every second for 30 seconds?
30 seconds worth of doubling is 2^30; or 2^29, depending on how you count that last second’s worth of doubling. Either way, you end up with either $10M or $5M at the end of 30 seconds, which handily beats $1M, so unless you’re an idiot, you’ll go with the penny doubling every second for the next thirty seconds.Just remember, if you pick that option, make sure you run like hell, because thirty seconds from now, there’s going to be a pile of roughly a billion pennies where you’re standing at the moment, and if you don’t outrun it, you’ll be just a sticky pink stain at the bottom of a *very* big pile of zinc.
Would you rather take 1 million dollars right now or one penny doubling everyday for thirty days?
The mathematical answer is easy — it’s the doubling penny, which reaches $10.7M by the end of 30 days. But people never seem to consider what they’d do with over a billion actual, physical pennies!A penny weight 2.5 grams. 2^30 of them weigh about 2700 metric tons. Sure, they’re worth a lot, but you can’t really buy anything or invest in anything with pennies, without first converting them to paper currency or getting them into an account somehow.Let’s assume that those exponentially accumulating pennies are dumped off at the bottom of my driveway at midnight each day. I’d guess that by the end of the month, it’s a pile that’s about 30 feet across and 15 feet high, completely blocking the driveway and attracting the attention from all around. It’s just a fraction (something like 1/5) of the pennies the US pointlessly makes each year, so this is all perfectly possible.Now it’s on me to somehow get them somewhere, to someone who will take them and give me money in exchange. I have no idea how I’d start to do that — you probably can’t just load up the trunk and take them to a bank and a Coinstar machine in a grocery store would just shut down before you could even make a dent in your pile.But I’d have an extra $9M or so to try to sort out this problem. It’d be a holy pain, I think, but I’d somehow figure it out.
If you doubled a penny every day for a year how much money would you have?
This can be modelled by the exponential function: y = 0.01 * 2^x Plug in 364 for x for all 365 days in one year minus the first day (x=0). y = 0.01 * 2^364 y is approx. = 0.01* 3.7576681324381331646231689548629(10^109... The 0.01 cancels out with 10^109, equalling 10^107. y is approx. = 3.7576681324381331646231689548629* (10^107) y is approx. = 37576681324381331646231689548629 * 10^76 y is approx. = $375766813243813316462316895486290000000... The answer is $375766813243813316462316895486290000000...
What is a better deal one penny doubled every day or $500?
The better deal is one penny doubled every day. In fact, I’ve seen this similar question in “How to Turn $100 Into $1,000,000”, Chapter 8. It would be 1, then 2, then 4, then 8, then 16, then 32, then 64, and so on. But the $500, you get it all in one big pile and that’s it.