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3.0.2.G1
Penny Power
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3.0.2.G1
Congratulations!
You have two job offers!
Each job has a different pay
option
You will work five days a week,
for four full weeks
Make the best financial choice
based on the following situations
© Take Charge Today – August 2013– Penny Power – Slide 2
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
3.0.2.G1
The Possibilities
Option 1: For the
first twenty days
of work, you will
be paid $200 a
day
Option 2: The pay
will be 1 penny for
the first day. Each
day the pay will
double. So, it will
be 2 pennies the
second day, 4 the
third, and so on
Which option will you choose?
© Take Charge Today – August 2013– Penny Power – Slide 3
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
3.0.2.G1
Option 1 - $200 per day
How much would you be paid if you
chose option 1?
20 days
$200
$4,000
© Take Charge Today – August 2013– Penny Power – Slide 4
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
3.0.2.G1
Option 2 - A Penny Doubled Daily
How much would you be paid if you chose option 2?
Day 1
Day 2
Day 3
Day 4
Day 5
Day 6
Day 7
Day 8
Day 9
Day 10
$ 0.01
$0.02
$0.04
$0.08
$0.16
$0.32
$0.64
$1.28
$2.56
$5.12
Day 11
Day 12
Day 13
Day 14
Day 15
Day 16
Day 17
Day 18
Day 19
Day 20
$10.24
$20.48
$40.96
$81.92
$163.84
$327.68
$655.36
$1310.72
$2621.44
$5242.88
© Take Charge Today – August 2013– Penny Power – Slide 5
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
3.0.2.G1
Which would you prefer?
Option 1: $4,000.00
OR
Option 2: $5,242.88
Powerful Penny!
© Take Charge Today – August 2013– Penny Power – Slide 6
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
3.0.2.G1
If you won the lottery…
Which option would you choose?
Option 1:
$1,000,000
today
Option 2:
A penny
doubled
every day for
thirty days
Results . . .
© Take Charge Today – August 2013– Penny Power – Slide 7
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
3.0.2.G1
A Million or a Penny?
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
Day 27
Day 28
Day 29
Day 30
$335,544.32
$671,088.64
$1,342,177.28
$2,684,354.56
$5,368,709.12
If you choose the penny, you
would have earned
$5,368,709.12!
© Take Charge Today – August 2013– Penny Power – Slide 8
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona