365 Day Penny Challenge

[Mrs Y]

Saw this on Facebook and thought I would share,I haven't done the maths, so I am not sure how big a jar you would need, but certainly a good idea.

[SueV]

How do you save 0.01p?

[alice]

that's 1p written confusingly

[northdulmum]

Genuine question and prob a stupid one, but how do they get from 3.65 to the much larger number of 667? Or whatever it is?

[KidKruger]

I think, though haven't calculated it, it means you increase each day's amount saved by one penny - starting with one penny on first day.

Then 2p.

Then 3p.

Final day you're on ?3.65

Total they reckon is ?667.95 for 365 days.

[TheArtfulDogger]

Just used excel to do this and the maths of starting with a penny then working up to 365 pennies does work out at ?667.95 for a standard year and ?671.61 for a leap year ...

Interesting to see how many people can keep it going or will it be like collecting the parts to build a model of the titanic (first issue 99p then 5000 issues at ?7.99 each😳)

[Pickle]

It's a good idea - I would do it in reverse, making the amounts progressively smaller.

[Sue]

And at the end of the year, there will be no HSBC up the road to take your mountain of change :(

[uncleglen]

If you do it exponentially you will have ?640 on the 15th day....

[Sue]

If you do it exponentially you will very soon be bankrupt :))

ETA: Unless I've forgotten what exponential means - quite likely :))

[Seabag]

If I start with a ?1 where do I get to by day 365

I'm thinking big here

[Alan Medic]

Move the decimal place a couple of places and you'll have nearly ?67k. And no, I won't change it into Euros.

[Loz]

Seabag Wrote:

-------------------------------------------------------

> If I start with a ?1 where do I get to by day 365

>

> I'm thinking big here

That would be (2³⁶⁶ - 1), which is 7.5153 x 10¹⁰⁹. Or a little over a billion googol quid.

[TheArtfulDogger]

Loz Wrote:

-------------------------------------------------------

> Seabag Wrote:

> --------------------------------------------------

> -----

> > If I start with a ?1 where do I get to by day

> 365

> >

> > I'm thinking big here

>

> That would be (2366 - 1), which is 7.5153 x 10109.

> Or a little over a billion googol quid.

Or 100,000 Brit coins (whatever they are)

[pipsky2008]

Loz Wrote:

-------------------------------------------------------

> Seabag Wrote:

> --------------------------------------------------

> -----

> > If I start with a ?1 where do I get to by day

> 365

> >

> > I'm thinking big here

>

> That would be (2366 - 1), which is 7.5153 x 10109.

> Or a little over a billion googol quid.

Wow, you seem to have a good understanding of maths. I have a calculation I need help with.

Is it true that 20,000 is 0.001% of 4,000,000?

[Loz]

pipsky2008 Wrote:

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> Is it true that 20,000 is 0.001% of 4,000,000?

No, it's not. 0.001% of 4,000,000 is 40. 20000 would be 0.5% of 4,000,000.

[Sue]

My head hurts

[Seabag]

Sue Wrote:

-------------------------------------------------------

> My head hurts

Did you bang it on a tap ?

[Sue]

I would have done if I thought it would have helped :))

[miga]

Loz Wrote:

-------------------------------------------------------

> Seabag Wrote:

> --------------------------------------------------

> -----

> > If I start with a ?1 where do I get to by day

> 365

> >

> > I'm thinking big here

>

> That would be (2366 - 1), which is 7.5153 x 10109.

> Or a little over a billion googol quid.

If you use 2 as a base, and you missed a ^, (2^366 - 1) :-)

Have now spent a good 20 minutes reading about power series, partial sum, divergent and convergent infinite series and such. Nice diversion!

Of course, Alan Medic was right about the ?1 calculation, it's ~?67k if the problem is as stated by OP, but with pounds instead of pennies. Saving >?50 quid a day from mid-Feb would start proving a bit of a problem.

[Alan Medic]

That's what I thought miga (about being right). What question was Loz answering?

[miga]

Someone further up the thread mentioned exponential increase of money - probs crossed wires.

[Loz]

My maths is good, but my reading skills suck. I did cross Sue's post with Seabag's.

> If you use 2 as a base, and you missed a ^, (2^366 - 1) :-)

I thought I'd managed to use superscript - it shows up OK on my browser.