What would you rather

Discussion in 'Investor Psychology & Mindset' started by Big Will, 30th Oct, 2015.

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Your Choice

  1. 1 Cent per day

  2. $5 million

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  1. Blacky

    Blacky Well-Known Member

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    oh - sorry. Wasnt I meant to? I can edit it out if you wish
     
    Blacky, 30th Oct, 2015
    #21
  2. D.T.

    D.T. Specialist Property Manager Business Member

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    Day
    1. 1
    2. 2
    3. 4
    4. 8
    5. 16
    6. 32
    7. 64
    8. 128
    9. 256
    10. 512
    11. 1,024
    12. 2,048
    13. 4,096
    14. 8,192
    15. 16,384
    16. 32,768
    17. 65,536
    18. 131,072
    19. 262,144
    20. 524,288
    21. 1,048,576
    22. 2,097,152
    23. 4,194,304
    24. 8,388,608
    25. 16,777,216
    26. 33,554,432
    27. 67,108,864
    28. 134,217,728
    29. 268,435,456
    30. 536,870,912
    Now its cents, not dollars. It'd be $5,368,709.12 if divided by 100.

    So the question is, if given the $5mil up front, can you make more than 368k from it in a month? Probably not.
     
    D.T., 30th Oct, 2015
    #22
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  3. THX

    THX Well-Known Member

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    Maybe. Ignoring some realities of the world (bureaucracy), say you purchased a 5 million dollar business on day 1...
     
    THX, 30th Oct, 2015
    #23
  4. AndrewTDP

    AndrewTDP Well-Known Member

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    On the question in the post cent per day doubling.

    However based on the actual poll the 5 mill.

    Is this a trick about being sucked in by a spiel and not reading fine print :p
     
    AndrewTDP, 30th Oct, 2015
    #24
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  5. GreatPig

    GreatPig Well-Known Member

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    Based on the phrasing of the question, it's 1c doubled 30 times (ie. the original 1c day is not one of the 30 days), or 2^30 which is $10,737,418 (^ means to the power of).

    Day 1 double gives 2c (2^1)
    Day 2 double gives 4c (2^2)
    So:
    Day 30 double gives 2^30, or $10.7m

    GP
     
    GreatPig, 30th Oct, 2015
    #25
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  6. THX

    THX Well-Known Member

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    Actually the question is
    What would you rather your choice
    1 Cent per day
    $5 million


    So 30 cents or 5 million dollars. Big Will is a con artist ;)
     
    THX, 30th Oct, 2015
    #26
  7. wylie

    wylie Moderator Staff Member

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    This is what I came to just with a quick calculation on my desk calculator. No idea if I've got it right, but if so, I'd take $5m now over 1 cent per day, doubled every day, because if something happens to you before 30 days is up, I miss out. I'd forego $360k for the certainty of getting $5m.

    (I've not read the other answers yet, but if my math is wrong, and I had to give up way more than $360k, then I'd have to rethink my answer :D.)
     
    wylie, 30th Oct, 2015
    #27
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  8. Dan Donoghue

    Dan Donoghue Well-Known Member

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    Nice catch, I didn't notice that :).
     
    Dan Donoghue, 30th Oct, 2015
    #28
  9. Big Will

    Big Will Well-Known Member

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    Imagine if it was 10m or 1cent doubling for 6 weeks...

    BTW thanks to the people telling the answer..
     
    Big Will, 30th Oct, 2015
    #29
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  10. THX

    THX Well-Known Member

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    What if the 5 million was taken away from you at the end of the 30 days. Would you take 5mil up front to see what you could make from it or take the 368K profit you know you would make after 30 days?
     
    THX, 30th Oct, 2015
    #30
  11. Sashatheman

    Sashatheman Well-Known Member

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    If you could sell a year of your life for a $1m dollars each, how many years would you trade in?
     
    Sashatheman, 30th Oct, 2015
    #31
  12. D.T.

    D.T. Specialist Property Manager Business Member

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    I'd want to get an accurate reading of how many years I have first.
     
    D.T., 30th Oct, 2015
    #32
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  13. Big Will

    Big Will Well-Known Member

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    I think this is critical in my decision making process.

    Got 1,000 years to go then I think ill spare a couple. Got 1 year left I don't think ill trade it.
     
    Big Will, 30th Oct, 2015
    #33
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  14. albanga

    albanga Well-Known Member

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    Gimme the 5mil straight up. Can't be bothered dealing with you and the banks for multiple transactions and by the time you have your 5mil I would be rounding out my 3 week Vegas bender.

    Note - my best days are behind me so my "bender" is me drinking appletinis playing pokies before taking in a show.
     
    albanga, 30th Oct, 2015
    #34
  15. joel

    joel Well-Known Member

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    Depends which month. If it's February then I'll take the $5M.
     
    joel, 30th Oct, 2015
    #35
  16. euro73

    euro73 Well-Known Member Business Member

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    Yes. I stand corrected.
     
    euro73, 30th Oct, 2015
    #36
  17. euro73

    euro73 Well-Known Member Business Member

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    Keno and Carrot juice for me :)
     
    euro73, 30th Oct, 2015
    #37
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  18. Phantom

    Phantom Well-Known Member

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    Yes but
    Why can't you just do the same with the 1 cent compounded after 30 days? Just wait till the end of 30 days and do the same with it that you mention above. It's only 30 days delay. Don't worry about the bills. They will send 2nd notices. Pay them then!!:D
     
    Phantom, 30th Oct, 2015
    #38
  19. WattleIdo

    WattleIdo midas touch

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    I just want to know how to double the money every day x 30.o_O
     
    WattleIdo, 30th Oct, 2015
    #39
  20. D.T.

    D.T. Specialist Property Manager Business Member

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    Even just half a dozen times would be nice ;)
     
    D.T., 30th Oct, 2015
    #40
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