Question

You have won the grand prize in a contest! For a prize you get to choose one of three options. With the first option you can collect $1,000,000 today. The second option allows you to collect $50,000 every day for the next 30 days. The third option allows you to put 1 penny into an account, and the amount in this account will double at the end of every day for 30 days. If you choose the option that will give you the most money at the end of 30 days, how much money will you have?

Answer 1

The third one,

Explanation:

Day 1: $.01

Day 2: $.02

Day 3: $.04

Day 4: $.08

Day 5: $.16

Day 6: $.32

Day 7: $.64

Day 8: $1.28

Day 9: $2.56

Day 10: $5.12

Day 11: $10.24

Day 12: $20.48

Day 13: $40.96

Day 14: $81.92

Day 15: $163.84

Day 16: $327.68

Day 17: $655.36

Day 18: $1,310.72

Day 19: $2,621.44

Day 20: $5,242.88

Day 21: $10,485.76

Day 22: $20,971.52

Day 23: $41,943.04

Day 24: $83,886.08

Day 25: $167,772.16

Day 26: $335,544.32

Day 27: $671,088.64

Day 28: $1,342,177.28

Day 29: $2,684,354.56

Day 30: $5,368,709.12

and the second option you'd have 1,500,00 by the end of the 30 days