"If you had one penny today, two tomorrow, and you were to keep doubling it each day, how much money would you have in 30 days?"
If you are like me, you probably thought a few hundred dollars. Believe it or not, that is no where near how much money you would have.
So I decided to do the math and here is what I came up with.
Day 1: $0.01
Day 2: $0.02
Day 3: $0.04
Day 4: $0.08
Day 5: $0.16
Day 6: $0.32
Day 7: $0.64
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: $1,342,177.82
Day 29: $2,684,354.56
Day 30: $5,368,709.12
That is quite more than a few hundred dollars. Hypothetically, it could happen. However, one would have to have the capital to make it happen. Realistically, saving a few pennies is great for saving. But to double it every day for thirty days might be more difficult, especially when you get into day 15 and up. But just think what can happen with only a penny!
