A Penny Doubled For 30 Days is How Much?
Penny Doubled For 30 Days Calculation and Chart
If you ask the average person if they want to have a penny doubled for 30 days or $2 million dollars, they are likely going to take the $2 million. It is a tricky question, doubling a penny doesn’t seem like it would amount to much right?
Well at the end of 30 days that $0.01 is worth $5,368,709.12!
This is the power of compounding.
Compound interest is the 8th wonder of the world. He who understands it, earns it; he who doesn’t, pays it. – Albert Einstein
Pretty crazy stuff. To visualize what is happening each day take a look at the chart below:
The key takeaway from this should be to start investing early and think of the long-term game. Let your money work for you.
Oh and if a genie ever pops up and asks you if you would like $2 million dollars or your penny doubled for 30 days, now you know what to do.