Here is a test. Suppose you had USD 100 in a savings account that paid n interest rate of 2% a year. If you leave the money in the account, how much would you accumulated after 5 years : more than USD 102, exactly USD 102 or less than USD 102 ?
The test might seem a little simple for the readers of the Economist but a survey found that only half of Americans over the age if 50 gave the correct answer. If so many people are mathematically challenged, no wonder they struggle with the small print of mortgage and insurance contracts.
As the saying goes, there are 10 types of people : those who,understand binary numbers and those who don't !
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