Would You Rather Have A Penny That Doubles Each Day For A Month Or $1 Million?

Would you rather have a penny that doubles each day for a month or 1 million dollars? I saw this question the other day, and it reminded me of one of my favorite stories from high school math (yes, that's pretty nerdy, but this is a personal finance blog).

So, before I tell the story, think about it:

If a genie appeared and gave you a choice, what you would choose: would you rather have a penny today, that doubled everyday for a month, or $1 million today? 

The fact is, a lot of people get caught up in the initial amounts: $1,000,000.00 versus $0.01.

But let's share the story of the The Grain of Rice, a mathematical fable from India. And then we can break it down.