Ask Experts Questions for FREE Help !
Ask
    papaw's Avatar
    papaw Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jun 29, 2007, 12:53 PM
    1 penny compounding for 1 month
    About 20 yrs ago I saw a one page piece... it described explained that you were offered a job which would last 30 days and you could choose between one of two methods of payment.

    The first was to be paid $100,000.

    The second was to be paid 1 penny the first day, 2 pennys the second day, 4 pennys the next day, 8 pennys the next day... with the number doubling each day for the month.

    Which pay option to take?

    The bottom line was that if you took the penny which compounds for one month would equal over $1 million dollars.

    Does anyone out there have that illustration?

    Thanks!
    michealb's Avatar
    michealb Posts: 484, Reputation: 129
    Full Member
    		  
    #2

    Jun 29, 2007, 01:02 PM
    Google searched for "penny compounding"
    USATODAY.com - Compounding is the key
    Aurora4Homes's Avatar
    Aurora4Homes Posts: 1, Reputation: 1
    New Member
    		  
    #3

    Oct 25, 2007, 04:30 PM
    Quote Originally Posted by papaw
    About 20 yrs ago I saw a one page piece...it described explained that you were offered a job which would last 30 days and you could choose between one of two methods of payment.

    The first was to be paid $100,000.

    The second was to be paid 1 penny the first day, 2 pennys the second day, 4 pennys the next day, 8 pennys the next day...with the number doubling each day for the month.

    Which pay option to take?

    The bottom line was that if you took the penny which compounds for one month would equal over $1 million dollars.

    Does anyone out there have that illustration?

    Thanks!!
    I saw this same example shown as a compounding method, to show the power of compounding. You may want to look the link and change to how you see fit.

    USATODAY.com - Compounding is the key
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Penny stocks [ 6 Answers ]

Where Can I Find Info On Good Penny Stocks To Buy

Old Wheatback Penny Values [ 5 Answers ]

I have a 1929, a 1934, a 1939, and a 1950 wheatback penny. I'm told that the 1934 and 1939 are in a #2 condition; the 1929 and 1950 are in #3 condition. I am trying to find out how much they are worth a piece. I was told that the 1934 was worth between $100 and $200. I don't know about the...

Red penny hair disaster [ 2 Answers ]

I put a little Preference Red Penny in my Preference Lightest Auburn for a boost. Oh boy. Streaky and so bright and ugly. So I re did with Preference Light Auburn. Now I have that horrible Burgundy color with red penny at the roots. My daughter bought me a hat! I need a better solution.

Penny Stocks [ 2 Answers ]

What are some good penny stocks that I should invest to? Thanks for your help in advance

View more questions Search