First you want to use the distributive property. So, . Which equals . Next use the addition property of equality to make your first step to isolate variable p. Which equals . Then simplify the equation down to . Lastly, is the division property of equality . Once again simplify to . Always make sure to pull your answer back into the original equation to see if the answer is correct.
I'm just gonna tell you the answer and you'll have to show the work on your own. A penny doubled everyday for a month equals a little over $5 million dollars. So you would want to go with the second option.