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Math Question - The Penny Challenge

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barney15c | 05:00 Mon 23rd Jan 2023 | Quizzes & Puzzles
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Money saving Expert has a penny challenge where you save 1p on the first day and increment it by 1 p a day for a full year so 1p,2p 3p up to £3.65 for the last day, by that time you would save £665.95 .
Say you had 7 people who decided to club together and each person was to pay in once a week in rotation what would be the fairest way of doing it - obviously if you kept the same sequence the last person would be putting in more money than the 1st over the course of time - i was thinking that once the 7th person paid they also pay the 1st payment of the next week that way it would even out as the 1st person would pay in the most the nextweek, then you would reverse it again the next week, it would mean person 4 will always retain that position, would that work or is there a better way.
I was thinking of doing this for 7 friends going on a holiday and having a bit of a pot to start the holiday with for going out.


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Sorry £667.95
Interesting idea, and definitely more affordable to have multiple people involved. I'd personally just go for bunging in a set amount each week. I know that I'd be able to manage for the first few months, however after the 6-month point it would start to get a lot more difficult.

I'd be interested to know how it goes.
Seems a faff for around £90 each. You could just put £13 each in the pot once a month.
// £90 each. You could just put £13 each in the pot once a month //

Problem - Over the year each person will have contributed £156 which is 73.3% more.
Bigger pot of £1092, little hardship, no problem

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Math Question - The Penny Challenge

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