Millionaires for the Month
Page 21
$655.36
Day 18
$1,310.72
Day 19
$2,621.44
Day 20
$5,242.88
Day 21
$10,485.76
Day 22
$20,971.52
Day 23
$41,943.04
Day 24
$83,886.08
Day 25
$167,772.16
Day 26
$335,544.32
Day 27
$671,088.64
Day 28
$1,342,177.28
Day 29
$2,684,354.56
Day 30
$5,368,709.12
A 10 Percent Raise
In the story, Felix and Benji pay their driver one thousand dollars on his first day of work and then give him a 10 percent raise each day after that. Ten percent may not sound like a lot, but it literally adds up to a substantial amount.
Again, if you like equations—and who doesn’t—it would be represented like this.
Value on Day x = $1,000 (1 + 0.10)(x-1)
where $1,000 is the starting amount and 0.10 is 10% in decimal form (10/100 = 0.10).
Value on Day 7 = $1,000 (1 + 0.10)(7-1) = $1,771.56
You can substitute values to see how much money can be earned for different situations. For example, try to negotiate your allowance. Perhaps you start at five dollars per week and ask for a weekly increase of 3 percent, assuming you do a good job with your chores.
Value on Week x = $5 (1 + 0.03)(x-1)
where $5 is the starting amount and 0.03 is 3% in decimal form (3/100 = 0.03).
Value on Week 1 = $5 (1 + 0.03)(1-1) = $5
Value on Week 10 = $5 (1 + 0.03)(10-1) = $6.52
And after a year:
Value on Week 52 = $5 (1 + 0.03)(52-1) = $22.58
That’s some nice dough.
To see the true potential on a compounded raise, compare what a driver would make with no raise versus a daily 10 percent raise over thirty days.
It’s a difference of $134,494.02—a substantial amount indeed.
No Raise vs. 10 Percent Raise
$1,000 per day
$1,000 plus 10%
Day 1
$1,000.00
$1,000.00
Day 2
$1,000.00
$1,100.00
Day 3
$1,000.00
$1,210.00
Day 4
$1,000.00
$1,331.00
Day 5
$1,000.00
$1,464.10
Day 6
$1,000.00
$1,610.51
Day 7
$1,000.00
$1,771.56
Day 8
$1,000.00
$1,948.72
Day 9
$1,000.00
$2,143.59
Day 10
$1,000.00
$2,357.95
Day 11
$1,000.00
$2,593.74
Day 12
$1,000.00
$2,853.12
Day 13
$1,000.00
$3,138.43
Day 14
$1,000.00
$3,452.27
Day 15
$1,000.00
$3,797.50
Day 16
$1,000.00
$4,177.25
Day 17
$1,000.00
$4,594.97
Day 18
$1,000.00
$5,054.47
Day 19
$1,000.00
$5,559.92
Day 20
$1,000.00
$6,115.91
Day 21
$1,000.00
$6,727.50
Day 22
$1,000.00
$7,400.25
Day 23
$1,000.00
$8,140.27
Day 24
$1,000.00
$8,954.30
Day 25
$1,000.00
$9,849.73
Day 26
$1,000.00
$10,834.71
Day 27
$1,000.00
$11,918.18
Day 28
$1,000.00
$13,109.99
Day 29
$1,000.00
$14,420.99
Day 30
$1,000.00
$15,863.09
$30,000.00
$164,494.02
Acknowledgments
When it comes to writing support, I’m truly rich. This book would not have been possible without the team of people (and dogs) who assist and encourage me.
Carolyn Coman—my mentor, my friend, and an all-around awesome person—has held my hand through the toughest revisions. My fantastic editor, Caroline Abbey, has been encouraging, thoughtful, and patient every step of the way. And my incredible agent, Lori Kilkelly, puts up with a lot, goes the extra mile, and is responsible for so many of my dreams coming true.
As always, hugs and high fives to the Random House team, including Kathy Dunn, Michelle Nagler, Michelle Cunningham, Barbara Bakowski, Alison Kolani, Kelly McGauley, and Kristin Schulz.
I’m fortunate to have an amazing writing community. Thanks to my friends in 32 Zoo, Electric Eighteens, LK Literary, and SCBWI-Carolinas. And special appreciation for Laura Gehl, Jason June, Peter McCleery, Anthony Piraino, and Kelly Yang for their input o
n this book.
The fictitious Max Wade is a character named by the Pearce family—a silent auction prize from Bookmarks. Thank you, Max, Sam, and Marc, for supporting our independent bookstore in Winston-Salem, North Carolina.
And speaking of bookstores, a shout-out to all my supportive North Carolina shops from the coast to the mountains. Thank you, Bookmarks, Scuppernong Books, Wonderland Bookshop, Flyleaf Books, McIntyre’s Books, the Country Bookshop, Park Roads Books, Quail Ridge Books, Read with Me, Page 158 Books, Malaprop’s Bookstore, and all the other booksellers who are putting books in the hands of young readers.
Thank you to Clemmons Elementary for helping me with “research” on this book. I told you I’d mention you!
Finally, I’m able to write books because of the support and encouragement of my friends and family, especially Kristen, Mom, and Dad. Thank you, all! To Cora, Lily, Henry, and Brett: I love writing, but I love y’all even more. You’re the best parts of my life. And though they can’t read, I must mention the McAnulty pack of dogs—Munchkin, Jack, and Reykja. Woof!
And for the third time, I’d like to thank Lin-Manuel Miranda. Your creativity and kindness are inspiring. (I’ve acknowledged Lin in each of my previous novels and will continue to acknowledge him until he acknowledges my acknowledgment. Who am I kidding? I’ll probably keep doing it after that point too.)
What’s next on
your reading list?
Discover your next
great read!
Get personalized book picks and up-to-date news about this author.
Sign up now.