How Much is a Penny Doubled For 30 days

How Much is a Penny Doubled For 31 Days?

A penny doubled for 31 days is $10,737,418.24.

How Much is a Penny Doubled For 365 Days?

A penny doubled for 31 days is $375,766,813,243,813,324, 284,535,044,610,720,495,650,940,651,317,343,317,750,805,187, 122,348,646,461,116,676,475,016,030,832,775,944,229,355,520.

A Penny that doubles every day for 30 days or $1 Million?

Clearly, the penny double up for 30 days is worth way more than 1 million dollars.

The question has been used in many financial self-help books to help readers understand the power of compounding.

Without the help of a calculator, most people get the answer wrong in choosing $1 million dollars instead of the penny because the penny seems so trivial.

Even on the 20th day, the penny is worth only $5,242.88 when it doubles every day. However, by the 30th day, the penny would have grown to $5,368,709.12.

Imagine if the penny keeps growing for another month or two, how much would it be worth?

The importance of compound interest

As we can see from the above chart, a penny can grow into a million dollars if it doubles every day in less than 30 days.

The compound interest formula is like magic, the longer the time frame, the more your money grows.

Warren Buffett with a net worth of over 114 billion, is one of the richest men on earth uses compound interest and his investing skills to grow his company Berkshire Hathaway to become the top 10 largest publicly traded company in the world.