With the first option....the total amount that you have earned =
1000 (30)(31)/2 = $465,000
With the second option.....the amount you have earned =
.01[1 - 2^30] / [1 - 2] = $10,737,418.23 ......!!!!
Obviously.....the second one is better
We need to solve this equation for n to find out when the second is better than the first
1000(n)(n + 1) / 2 < .01[1 - 2^n] / [ 1 - 2]
This is best solved using an online app....WolframAlpha shows the answer to be about 24.98 days......so .....option 2 is better in about 25 days
