Would you rather have a million dollars now or a penny doubled every day for thirty days?

What about NOW? :p

I'm so glad that you posted the math because it's too early on Saturday for that. BUT, if it were a choice between having a million dollars NOW (is it tax free?) and waiting a month I would be sorely tempted to say "screw it" and take the million now simply because I need to get my rent and bills paid.

This is an old riddle and the "right" answer may not be as right as it seems at first glance.

Sure, most people would take $5,368,709.12 over $1,000,000 but there is a logical reason to choose the latter. If someone were to put the $1,000,000 in my hands and then give me the option of doubling a penny every day for 30 days, I would be more likely to take the sure thing.

It's not about fast cash.

However, there is something to be said about money you earn vs. money you don't. And in the case of the doubling model, it would certainly feel more like it was earned.

There are other aspects of this riddle, that when applied to real life, would change what people would do.

If you were faced with being homeless tomorrow unless you could come up with $10,000 then waiting until Day 21 won't do you any good.

To sum up, there really isn't a right answer, though one of them could eventually give you more money.

All the best,
Michael

Let's see,

There are 31 days in some months, and 5,368,709.12 is 536 million pennies. So take it out to 31 days and you get 1073741824 pennies or 1.07 Billion pennies.

Now instead of pennies, make those good-deeds, little acts of kindness. If you do a good-deed for someone, when they thank you just ask them to do 2 good-deeds and have them ask those 2 people to each do a good-deed for 2 more....... and so on.

In 31 days, you would have caused 1.07 good-deeds.

We really can change the world with this!

:-Don

Another thought...

Why not actually try it as an experiment.

1. You have to start with a penny that isn't yours. Find it, ask for it, whatever.

2. Any extra money has to be discarded, or set aside. So, if on Day 2 you get $0.05 you have to get rid of $0.03 of it. In other words, you can't get ahead, bank, or use extra money to skip days.

3. You must double it each day. Just as you can't get ahead, you can't sit back for a few days and then catch up.

4. You don't have to use the full amount to get the doubling done. The first few days you could probably just ask people to give you the money.

5. You can get the money in any way you like, as long as it's legal, ethical and moral.

6. It doesn't have to stay in the form of pennies. Day 4 could be a nickel and three pennies if that works better for you.

What do you think? How many days do you think you could you do it?

All the best,
Michael

$10,737,418.23.

You have to add them all up, too...

Hello,
I once made the mistake of not taking the money in hand,
I thought more was going to come and it did not,I even lost the money that I
could of grabbed on the spot,believe me it was more than a million.
I have learned so much now that I laugh off that loss as a learning experience,still crying a little bit.
Lou

I like Erin's approach. I would take the immediate million and spend $999,999.99 of it on immediate needs & wants. Then I'd reinvest the last penny into the doubling system for the additional $5.3m next month.

Fun topic, Sandeep, thanks.

Martin, I think the solution is to find a few good workers overseas who can deposit a single penny for you. If they do that successfully, then you send them one bag at a time to take to the bank.

Caliban, you don't get to take home all the intermediate subtotals because they're entirely reinvested. By the way if you have an update on your news & plans, I'd like to learn how things are going and see if we can gather round to cheer you up some more.

Michael, what if someone gives me $5 million worth of pennies without my earning a sense of accomplishment? I'd take the money and be happy.

Lou, whatever the situation was it sounds like a painful lesson.

Ah, zigzag I, ah, will need you, ah, to come in on Saturday to, ah, work on that one.

Chris

Good analogy I would definitely take the penny a day!

I agree here:

I like Erin's approach. I would take the immediate million and spend $999,999.99 of it on immediate needs & wants. Then I'd reinvest the last penny into the doubling system for the additional $5.3m next month.

Work it out to take both options!

It's kind of like if a jenny gives you 3 wishes what do you wish for?
1. money,
2. health,
3. 3 more wishes

:-)

actualy a penny doubled every day is always just 2 pennys a day...

Need to rethink the scenario

It should be start with a penny and have the balance double every Day

PS: whoops should have read the whole thread before jumping in with both feet, somebody beat me to it

Im fine with this if its even one month instead of one day
30 months instead of 30 days..