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Old 02-03-2011, 08:30 AM   #21
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Did anyone else try to figure out the exact end value on question # 3, before reading the rest of the question?
Yes - even tried to remember notation in math - I think it was 100+(1.02)^5
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Old 02-03-2011, 11:19 AM   #22
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I am skeptical that less than half of 1 percent got the six correct. That would seem to put me in a pretty stellar group and I know I am not that smart.
That was my thought too. It's not that hard even without bothering to do any math, which I didn't.
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Old 02-03-2011, 12:46 PM   #23
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Originally Posted by foxfirev5 View Post
I wonder who the participants were.
Apparently a good sample:

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a nationally representative panel of respondents, followed every two years, which is fielded by the University of Chile’s Microdata Center in cooperation with the University of Pennsylvania
www.mrrc.isr.umich.edu/publications/briefs/pdf/UM10-11B.pdf
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Old 02-03-2011, 01:18 PM   #24
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I am skeptical that less than half of 1 percent got the six correct.
Then you haven't been watching "Jaywalking."

For example,

Leno: "How long does it take the earth to go around the sun?"
Answer: "24,000 times."

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Old 02-03-2011, 02:03 PM   #25
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Damn Al, you've ruined my day! Now I'm surprised 1 in 200 got even 1 right. Obviously a lot more than half the people are stupider than average.
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Old 02-03-2011, 02:05 PM   #26
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Moving to Lake Wobegon is always an option.
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Old 02-03-2011, 02:11 PM   #27
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Maybe the University of Pennsylvania researchers ask the questions in English to the Chileans who take the test.
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Old 02-03-2011, 02:19 PM   #28
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6 out of 6. These are common sense questions to me.
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Old 02-03-2011, 03:29 PM   #29
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sort of - I pictured a formula in my head, but didn't do the math. 100*(1 -.02)^5.

Most kids these days rely on the Pacific Northwest Tree Octopus to handle their finance calculations.
Why the minus sign? I get 100*(1 +.02)^5.
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Old 02-03-2011, 04:23 PM   #30
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1. Chance of Disease: If the chance of catching an illness is 10 percent, how many people out of 1000 would get the illness?

Actually the answer isn't 100. The correct answer is "It's impossible to determine, but on average, 100 out of 1,000 would get the illness."

2. Lottery Division: If five people share winning lottery tickets and the total prize is two million Chilean pesos, how much would each receive?

Actually, 400,000 pesos is incorrect, because it fails to take taxes into consideration.
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Old 02-03-2011, 04:27 PM   #31
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Why the minus sign? I get 100*(1 +.02)^5.
Typo, but I didn't say I pictured the correct formula in my head. I just said 'a formula.'
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Old 02-04-2011, 10:21 AM   #32
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2. Lottery Division: If five people share winning lottery tickets and the total prize is two million Chilean pesos, how much would each receive?

Actually, 400,000 pesos is incorrect, because it fails to take taxes into consideration.
Do you know for certain whether or not Chile taxes lottery winnings? Don't assume they do - lots of countries don't. Canada, for example, does not tax gambling winnings. In Canada, if you win a $50 million jackpot, you get the whole $50 million, every last cent. And none of this "spread out over 200 years, or you can take a $3 million lump sum right now" nonsense either. You show up with your winning ticket, they verify it, then a couple weeks later you get a certified cashier's cheque for $50 million, free and clear.

I'm sure Canada is not the only country that operates this way. Frankly, I'm surprised that USAmericans tolerate a "lottery" that advertises big jackpots, when in reality, even if you win, you'll only take home 1/3rd of it (after taxes, and the "lump sum" nonsense). Especially considering that roughly half of all lottery revenue already ends up in the government's pocket, even before they tax whatever's left for the winner.
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Old 02-04-2011, 10:26 AM   #33
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Chile has a 15% tax on lottery winnings.
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Old 02-04-2011, 10:45 AM   #34
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Chile has a 15% tax on lottery winnings.
See? These questions weren't that easy.
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Old 02-04-2011, 01:41 PM   #35
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