Extra Income Payment

For an extra income, John decided to work at a Hotel for one hour daily. The manager offers him that they will pay him $11 after every 11 days.
However, John offered a different proposition to the manager. The offers stand as:
He will be paid just a penny on his first day.
Two pence will be paid on the second day,
Four pence will be paid on the third day.
And so on till the 11th day.

Should the Hotel manager accept his offer?




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In 2007, a puzzle was released and $2 million prizes were offered for the first complete solution. The competition ended at noon on 31 December 2010, with no solution being found. Wiki