document.write( "Question 416486: You receive a penny on Jan 1, 2 cents the next day, 4 cents the next day and so on, doubling every day. How long will it take to be a millionaire? \n" ); document.write( "

Algebra.Com's Answer #291805 by Earlsdon(6294) $\"\"$ $\"About$

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A millionaire has a least $1,000,000.00 and this is 100,000,000 pennies.
\n" ); document.write( "If you receive one penny on the first day then two on the next, four on the next, etc, doubling every day, the total number of pennies (T) acquired after n days can be expressed by:
\n" ); document.write( " $\"T+=+2%5En+-+1\"$ Substitute T = 100,000,000
\n" ); document.write( " $\"100000000+=+2%5En+-+1\"$ Solve for n. Add 1 to both sides.
\n" ); document.write( " $\"2%5En+=+100000001\"$ Take the logarithm of both sides.
\n" ); document.write( " $\"Log%282%5En%29+=+Log%28100000001%29\"$ Apply the power rule to the left side.
\n" ); document.write( " $\"nLog%282%29+=+Log%28100000001%29\"$ Divide both sides by $\"Log%282%29\"$ .
\n" ); document.write( " $\"n+=+Log%28100000001%29%2FLog%282%29\"$ Evaluate using your calculator.
\n" ); document.write( " $\"n+=+26.5754\"$ days.
\n" ); document.write( "So you would become a millionaire in 27 days! \n" ); document.write( "

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