Imagine your family agreed to give you some pocket money every day for a month! You can choose from the following options:
Without doing any working out, which one would you choose, and why?
- £10 every day
- £3 on the first day, £3.50 on the second, £4 on the third, and so on, increasing by 50p per day
- 1p on the first day, 2p on the second, 4p on the third, and so on, doubling each day.
In a month with 31 days, how much money would you have by the end of the month, under each system? You may wish to explore using a spreadsheet...
Here are some questions you might like to consider:
In which months would option 1 be better than option 2?
If your family stopped your pocket money on day 8, which option would give you the most?
On which day of the month does option 3 become the most fruitful?
If you chose option 3, how many days would it be before you became a millionaire?