Penny Doubled Every Day For 30 Days
Camila Farah
This is the power of compound interest.
Compounding capital is one of the greatest tools a trader or investor can use to create wealth. A penny doubled for thirty days would mean day 1 of the 30 days is actually a penny doubled 2 cents 0 02 plus doubling every day for the next 29 days. If you start early with investing money letting it grow over time you will have the most benefit from it. Exponential growth is a wonderful thing to play answer your direct question you would have more money than there exists.
If you double a penny every day for thirty days you ll have 0 01 on day one 0 02 on day two 0 04 on day four and so on. The table above shows that incredibly 1p doubled every day for a 31 day month would grow to a staggering 10 7m. Thank you so much. It s quite unbelievable isn t it.
While those numbers might seem like chump change at first take a look further down the line if you keep accruing 50 interest on your whole investment each day. I always hear about kids getting their parents to agree to this for their allowance. One cent two cents four cents eight cents. After that it shoots up to over 5 million.
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That means it takes time to grow wealth. If you had that money printed out as 100 bills you would have more bills than there are atoms in the universe by a lot as. If you took a penny on the first day of the month and doubled it every day for that month all 30 days how much would you end up at the end of the month. How many dollars would you have.
If you start with zero on day zero and get a penny on day one and twice the number of pennies on each successive day that is 2 pennies on day two 4 pennies on day three 8 pennies on day four 16 pennies on day 5 etc until day 30. Albert einstein is reported to have said. Meaning the actual total is 10 737 418 24 but to take it one more step the question was which would you choose not what is the total lmao. When we double a penny for 30 days it takes 20 days to get to 5 000.
On even a penny as your initial investment it climbs immediately to unfathomable heights. By the end of a month you d have 10 737 418 24.
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