1, 2, 4, 8, 16.......etc.
Use the Geometric Series Formula to sum them up:
Sum =F x [1 - R]^N / [1 - R], where F = First term, R=Common ratio, N =Number of terms.
$1,000,000 x 100 = 1 x 2^N - 1
100,000,000 cents = 2^N - 1
100,000,001 = 2^N Take the log of both sides
8 = N * log(2)
N = 8 / log(2)
N = 26.575 months = 27 month(rounded)
2^27 - 1 =134,217,727 cents / 100 =$1,342,177.27 - dollars.
Note: The above is the same as:
FV =PV * [1 + 100%]^N - 1
$1,000,000 =1 cent x 2^N -1
100,000,000 cents =2^N - 1 - and you would solve for N as above.