SOLUTION: A magical fairy places a penny under your pillow. The next night (night 1) there are 2 pennies. The next night (night 2) there are 4 pennies, and on night 3 there are 8 pennies. Ho

Question 1130951: A magical fairy places a penny under your pillow. The next night (night 1) there are 2 pennies. The next night (night 2) there are 4 pennies, and on night 3 there are 8 pennies. How many nights does it take before you are a billionaire? Trillionaire?
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Answer by htmentor(1343) (Show Source): You can put this solution on YOUR website!
This illustrates the power of exponential growth. The general formula for the amount of money (in dollars) after t days is:
A(t) = (1/100)2^t
To find the value of t for a given amount, solve for t by taking the log of both sides:
t = log(100*A(t))/log(2)
For A = 1E9, t = 36.54 days, thus on night 37 you will be a billionaire
For A = 1E12, t = 46.5 days, thus on night 47 you will be a trillionaire
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