THE POWER OF THE PENNY

One day a rich merchant said to his young son, “Son, I have an important question to ask you. Think carefully before you answer.”

“Yes father.” replies the eager son.

“I will give you the total amount of one penny doubled each day for one month or a million dollars cash right now. Which will you choose?” the father asks with a sly grin.

The son answers without hesitation, “The million dollars of course father.”

The wise father looks at the boy and with a knowing smiled takes out paper and pen. “Son,” he said quietly, “Come sit next to me and learn a lesson about wealth and patience.”

Faced with the same question, which would you choose the million dollars cash or the total amount of a single penny doubled each day for 30 days?

Let’s study the power of a penny doubled.

We’re going to take that one shiny penny and double it each day for 30 days. Believe it or not, we’ll end up with much more than a million dollars.

Day 1 – $.01
Day 2 – $.02
Day 3 – $.04
Day 4 – $.08
Day 5 – $.16
Day 6 – $.32
Day 7 – $.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 – $1,342,177.28
Day 29 – $2,684,354.56
Day 30 – $5,368,709.12

by: unknown

 

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