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Doubling Pennies Can Make You a Millionaire

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Today's Tip: 
February 24, 2015
Doubling Pennies Can Make You a Millionaire

Teach your child a lesson in assumptions. Give her two options: She can have $500 now, or she can have one penny now plus double the amount every day for the next 30 days. If she takes the $500, show her how she missed out on $10.7 million! It's solvable by multiplying 1 x 2^30 where 1 is the penny, 2 is the doubling factor, and the 30 accounts for each day (i.e., 2 is to the power of 30).

 
 

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