1p savings challenge

bestoffer

Started the 1p savings challenge today in two accounts but wondered if anyone knew how much one would save in a year by doubling up each day , ie. 1p,2p,4p,8p and so on.

thefrank

bestoffer said:

Started the 1p savings challenge today in two accounts but wondered if anyone knew how much one would save in a year by doubling up each day , ie. 1p,2p,4p,8p and so on.

Enough to buy the entire Solar System :-) 

Stargunner

Never mind a year, as you would need to be saving over £5 million by the end of the first month

grumpy_codger

Doubling the daily amount?

1*(2^365-1)/(2-1) = 2^365-1 = 7.5*10^109 = £7.5*10^107 = £750 million of googol

https://www.britannica.com/science/large-number

At the end of the first month your daily amount will be 'just' about £10,000,000 (yes, 10 million pounds)

Bobblehat

More than Elon is worth!

MisterMotivated

And by Valentine's day, you'd have about £350 Billion

bestoffer

Not such a good idea me thinks !!

MX5huggy

Go for 1p extra per day so day 2 2p by December 31st £3.65 per day. 

kipsterno1

Enough to buy a calculator and work it out for yourself.

grumpy_codger

Are there any computers or smartphones without a calculator? However, no calculator is needed for a very simple estimation.

2^364 = ( 2^4)^(364/4) = 16^91 > 10^91 p = £10^89

Jami74

kipsterno1 said:

Enough to buy a calculator and work it out for yourself.

Not everyone has the ability to just know how to do those sorts of calculations. Yes, yes, I'm sure it's basic GCSE maths, but some people literally don't have the right sort of brain power. Thankfully there are nice forums like this one where people can ask.