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Old 09-01-2020, 04:07 PM   #41
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Originally Posted by 38Chevy454 View Post
6 correct. The quiz was pretty easy in my estimation.
The bonus ? Required the back of an envelope and a pen but the others were easy.
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Old 09-01-2020, 04:21 PM   #42
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6/6 I remembered the rule of 72 for the bonus.
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Old 09-07-2020, 11:14 AM   #43
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I approach a quiz like this like I used to approach exams in school. I quickly scan the Q and get a sense of what is being asked, then I quickly come up with an possible answer, then proceed to more complicated process to arrive at my final response.

That may be how I have addressed most of my problems in life.
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Old 09-07-2020, 11:36 AM   #44
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Perfecto. I forgot Rule of 72 so I guestimated by doing some math in my head. Then looked at the possible answers.

Pulled up the curve for Oregon at 3.1. May be the first time I have ever been a curve breaker. Now all the other Oregonians will be giving me dirty looks
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Old 09-07-2020, 07:59 PM   #45
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Got 6 out of 6 and did number 6 in my head. Scary about the state results as this was quite easy.
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Old 09-08-2020, 10:54 AM   #46
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7.
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Old 09-08-2020, 05:44 PM   #47
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My IQ is 30 and I got 6 out of 6, bonus question is simple math 1.2^4=2.0736 4 years for the amount to double.
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Old 09-08-2020, 05:50 PM   #48
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6 of 6, and would imagine almost everybody on these forums would get at least 5. That said, the scary thing is that the national average is 3, or 50% right on a multiple guess quiz that is this simple.
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Old 09-08-2020, 06:53 PM   #49
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6/6 (Correct that is).
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Old 09-08-2020, 06:59 PM   #50
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Lotsa stupid people out there. Try to avoid them whenever possible.
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Old 09-08-2020, 07:49 PM   #51
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My college freshmen niece has been talking to me about FIRE and investments. After our discussions, she put 6k in her Roth IRA. She got 6/6. Then I looked at the GA average 2.7? Any other states score lower?
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Old 09-08-2020, 08:50 PM   #52
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Thanks. Got 6/6. The last question stopped me as I thought they were looking for a really "simple" answer based on the simplicity of most of the questions. In the end, I went with the literal, mathematical answer and was correct....
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Old 09-08-2020, 09:44 PM   #53
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Looks like we need a little more basic financial education in our schools.
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Old 09-08-2020, 09:56 PM   #54
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6/6. Although the mortgage question gave me pause… rate on 30 year vs. 15 year was not specified. What if the lender on the 15-year had a hugely inflated interest rate, points, or some other shenanigans factored in as "gotcha" clauses? Then again, I'm a suspicious person.
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Old 09-09-2020, 01:46 AM   #55
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Could it have been any easier?
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Old 09-09-2020, 06:16 AM   #56
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Simple test for most of you smarty pants. It's only 6 Qs, but my fellow Texans averaged only 2.9 correct! I am embarrassed for them.

Have fun.

https://www.usfinancialcapability.org/quiz.php
This was easy 6/6 correct. PA average was 3.
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Old 09-09-2020, 06:39 AM   #57
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I got 5/6. Again, the bonus question got me. Not because I don't know and often use the rule of 72, but because I misread the question as how long would it take to pay it off. Evidently I jumped to answer.
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Old 09-09-2020, 08:35 AM   #58
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Simple test for most of you smarty pants. It's only 6 Qs, but my fellow Texans averaged only 2.9 correct! I am embarrassed for them.

Have fun.

https://www.usfinancialcapability.org/quiz.php
That was a really easy set of questions. Granted, I wouldn't have been able to answer them when I was say 20 or 30 years younger. LOL

6/6 for me!
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Old 09-09-2020, 08:39 AM   #59
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Just remember the rule of 72. Divide 72 by the interest rate and that’s roughly how many years money (or debt) takes to double.
Well, that's one way. The other way is 5 years * 20% = 100%, which is double. That isn't counting the compounding aspect at all, which would reduce it to much less than 5 years because it's such a high interest rate. I guessed it would be about 3 years or so.
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Old 09-09-2020, 08:41 AM   #60
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I didn't do any complex calculations... with simple interest it would take 5 years to double...so with compounding the answer has to be less than 5 years ... whcih suggested the 2-4 year choice... and with compounding it would have to be more than 2 years... so 2-4 years had to be the right answer.
That's insane, since I did it the same way!
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