If you start with one penny, and double it each day (1c, 2c, 4c, 8c, 16c...) how many days will it take to reach one million dollars?
Same thing with a nickel (5c, 10c, 20c, 40c...). How many days to reach one million dollars?
Check this site for what happens when you double a penny each day.
http://math.rice.edu/~lanius/pro/rich.html
It shouldn't take you long to figure out the nickel problem.
To calculate how many days it will take to reach one million dollars starting with one penny and doubling each day, we can use a formula. The formula is:
Amount = Initial Amount * (2 ^ Number of Days)
Let's substitute the given values into the formula:
$1,000,000 = $0.01 * (2 ^ Number of Days)
To solve for the number of days, we need to isolate the variable. Let's divide both sides of the equation by $0.01:
$1,000,000 / $0.01 = 2 ^ Number of Days
Now, let's solve for the number of days by taking the logarithm of both sides of the equation. Since we are doubling each day, we'll use base 2 logarithm:
log2($1,000,000 / $0.01) = Number of Days
Using a calculator or math software to evaluate log2($1,000,000 / $0.01) gives us approximately 66.42.
So, it will take approximately 66.42 days to reach one million dollars starting with one penny and doubling each day.
Now let's do the same calculation for starting with a nickel and doubling each day:
Amount = Initial Amount * (2 ^ Number of Days)
$1,000,000 = $0.05 * (2 ^ Number of Days)
Dividing both sides of the equation by $0.05:
$1,000,000 / $0.05 = 2 ^ Number of Days
Taking the logarithm of both sides using base 2:
log2($1,000,000 / $0.05) = Number of Days
Evaluating log2($1,000,000 / $0.05) gives us approximately 57.15.
So, it will take approximately 57.15 days to reach one million dollars starting with a nickel and doubling each day.