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If someone offered you a million dollars, you would probably jump at the offer. But what if you were offered a million dollars or a penny that doubled every day for a month? When a penny doubles in 30 days, you might be surprised how much it does.
How Many Pennies Are In 1 Million Dollars
If you doubled 1 penny every day for 30 days, you would end up with over $5 million. This exponential growth shows the power of reproduction over time.
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At the beginning of the month, that million dollars looks pretty good. After all, after seven days, you’ll get a whopping $0.64 if you take that penny. It would take 15 days to break $100 for your penny doubling.
That’s when things start to get interesting. On day 14, you only have $81.92 in your cash account. But on day 15 you have $163.84. It’s not just a little more money. It could be a car payment.
But don’t spend your earnings just yet. Three days later, on the 18th, you’ll have more than $1,000 – or $1,310.72 to be exact.
At this point, you might be wondering if taking the million dollars up front might have been a better choice. On day 18, you’re nowhere near that million dollars because you’re doubling your pennies every 30 days.
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However, wait 20 days and you will see your money continue to grow in a tangible way. On day 20, when the penny doubles for 30 days, you will have $5,242.88 in your bank account. On day 21, you break $10,000.
On day 28, magic happens. Your $671,088.64 is well over a million dollars: $1,342,177.28. The next day you will see a growing balance of $2,684,354.56. Doubling a penny seems like a much better option than accepting a million dollars.
When the penny doubles in 30 days, you’ll get $5,368,709.12 compared to just $1 million up front with this hypothetical offer.
If you can go one more day without cashing out over $5.3 million, you’ll wake up on day 31 to a very pleasant surprise and a growing net worth. One penny doubled every day for 31 days leaves you with $10,737,418.24.
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You might be surprised how quickly your pennies can turn into a million dollars. It can go up to $5 million and finally, on day 31, over $10.7 million. But that’s how compounding works.
When you think about saving money, you might think about increasing your money. So if you save a penny a day, you get 30 cents at the end of the month. It’s not impressive.
But when money is shuffled, the money you get back is put into your savings and you get money from that money as well.
Most banks offer compound interest instead of simple interest. If your money only earns simple interest, you only earn interest on principle.
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If you had $1,000 in your savings account at 5% interest for one year, you would earn $50. At the end of one year, you would have $1,050. At the end of two years, you would have $1,100 ($1,000 + $50 + $50).
But if the same $1,000 were added, at the end of one year you would have $1,050 and after two years you would have $1,102.50. That’s because you’ll earn interest on the $1,050 in your account at the end of the first year, not just the $1,000 in principal.
Most banks that offer compound interest calculate the interest rate daily or monthly, which can help your money grow even faster.
Calculating interest can be confusing. First you need to know the annual interest rate, how many times the interest accrues in a year, how long (in years) the capital is in your account.
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However, don’t get lost in the formula. You can just use an interest calculator to find out how fast your money can grow. The US Securities and Exchange Commission offers one at Investor.gov.
When you pondered the question of getting a million dollars versus a penny that doubles in 30 days, did you instinctively say that you would like that penny? Most people would.
Maybe you need to make money fast and don’t want to wait 30 days. You would sacrifice over $5 million a month from $1 million today. Of course, you can invest the money to earn compound interest, but it is highly unlikely that you will find an investment or savings account that doubles your money every day.
Many who choose a million dollars over a doubling penny cannot easily understand how one penny can grow to over $5 million in a month – and over $10 million in 31 days. The concept of blending may be simple to understand, but it also sounds too good to be true.
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Or maybe people fear that if they don’t take money up front, they’ll lose their pennies and any potential future income.
The same thing often happens when people start investing in the stock market. As the value of the shares increases, the money you bring in increases. But you might not believe how much it has the potential to grow over time.
The stock market returns an average of 10% per year and has done so since the 1960s. But if you see stocks falling in value in the short term, you might be tempted to pull your money out before they have a chance to grow at that rate.
Trust the power of compounding and let your money stay with time. You will be happy to see the returns.
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But don’t worry, in this comprehensive guide you’ll learn the ins and outs of this coin series, from its history to its most important designs. In addition, we will cover some common mistakes and even questions related to these coins.
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The wheat cent is a long-running one-cent coin that was first issued in 1909. From its inception until 1958, these coins were called Lincoln Wheat Cents. Thus, the 1941 wheat bench falls into this category.
This year, the three US mints helped each other produce more than 1.1 billion coins. And one of the largest producers of the 1941 Wheat Penny was Philadelphia. Of the coins produced, 887,018,000 were minted by the state.
This makes Philadelphia the primary source of the 1941 wheat penny. The original composition of the coin, which was 95% copper, 2.5% zinc and 2.5% tin, was followed in the manufacture. However, this lineup was changed two years later when the United States entered World War II.
Because of the war, the US Mint had to limit the use of copper and tin. Therefore, they looked for other options and finally replaced these metals with galvanized steel in 1943 until 1982.
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Most of the coins struck in Philadelphia do not bear the mint mark. Thus, everything you see on the front and back is the original design by Victor Brenner.
To better understand the design, let’s start from the front. The reverse featured the popular US President Abraham Lincoln. According to the coin’s designer, Lincoln’s image was a reference to his own creation album from 1907, in which Lincoln read to a child.
A portrait of Lincoln facing left is surrounded by appropriate inscriptions such as “IN GOD WE TRUST” at the top and “LIBERTY” at the left area. The phrase “IN GOD WE TRUST” is known as the country’s official motto, while liberty itself is one of the two foundations of the American government, along with equality.
In addition to this model, the year was engraved on the right side. Since this happened in Philadelphia, there is no special entry under the year.
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Continuing on the back is a series of elements, including two stalks of wheat that demarcate the left and right edges. In the center are the words “ONE
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