SOLUTION: You recieve a penny on January 1st, two cents the next day, four cents the next and so on,doubling every day. How long will it take to be a millionaire? Suppose you started with a

Question 590908: You recieve a penny on January 1st, two cents the next day, four cents the next and so on,doubling every day. How long will it take to be a millionaire? Suppose you started with a nickle and doubled, how long before you were worth a million dollars?
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
You recieve a penny on January 1st, two cents the next day, four cents the next and so on,doubling every day. How long will it take to be a millionaire?
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The total each day is cents.
$1,000,000 = 100,000,000 cents.

d*log(2) = log(99999999}
d = log(99999999)/log(2)
d =~ 26.575 days
--> 26 days
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Suppose you started with a nickle and doubled, how long before you were worth a million dollars?
$1,000,000 = 100,000,000 cents = 20,000,000 nickels
Amt =

d*log(2) = log(19999999}
d = log(19999999)/log(2)
d =~ 24.25 days
--> 25 days
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Not much difference. If you multiply by 5 each day, it was reduce the time more drastically.

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