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Would you rather have five million dollars all at once or have someone give you one penny today and then double the number of pennies that you have each day for just 30 days?
ANSWER:
The mathematical formula for this is the starting amount (s) times the rate (r) raised to the power of the number of days (d). The formula looks like s*r^d. In this case it would be .01*2^30 which equals: $10,737,418.24. Over $10 million to go the slower route!
