Here is a fun activity that teaches both financial literacy and math.
Ask this:
If someone gave you a penny and said she would double your money every day, how long do you think it would take for you to become a millionaire?
Answer: 27 days! Your money would grow “exponentially” to the power of 2 every time it was doubled.
Have students do the math:
1+1=2
2+2=4
4+4=8
and so on!
Exponential growth is a speeded-up rate of growth and numbers grow large very quickly!
Have fun spending your millions,
Activity from Cool Math by Christy Maganzini, Lowell House Juvenile Books, 1997.
Elaine says
I’m sure I’ve read a children’s book with this exact scenario! The person who said it would be possible to make a million dollars in a month was scoffed at by a king…or perhaps it was grains of rice? Either way, If anyone knows how to find this book, it would be fantastic to read with this lesson!
Paula and Michele says
Elaine, that sounds familiar! I’ll see if I can figure it out!