👅 HOW $1 CAN TURN INTO LIFE-CHANGING WEALTH
If we add extra money every day to the initial amount while still growing it by 1% daily, we would have to consider the contribution alongside the compound growth formula. Here's the expanded formula:
Final Amount =
∑ (Daily Contribution × (1 + Rate)^(Days - Day Added)) + Initial Amount × (1 + Rate)^Days**
Where:
- Initial Amount = $1
- Daily Contribution = Amount added each day
- Rate = 1% = 0.01
- Days = Total number of days
Now, let’s calculate:
1. For 100 Days
- Assuming we add $1 every day:
Total = (1 × (1.01)^99) + (1 × (1.01)^98) + ... + (1 × (1.01)^0)
Using the formula for summing a geometric series:
Total ≈ 100 + 100 × ((1.01)^100 - 1) ÷ 0.01
Total ≈ $505.46
2. For 300 Days
Total ≈ 300 + 300 × ((1.01)^300 - 1) ÷ 0.01
Total ≈ $7184.12
3. For 1000 Days
Total ≈ 1000 + 1000 × ((1.01)^1000 - 1) ÷ 0.01
Total ≈ $219,359.95
So, daily contributions combined with compounding can result in significant growth.
