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09-01-2020, 04:07 PM
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#41
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Thinks s/he gets paid by the post
Join Date: Sep 2006
Posts: 1,691
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Quote:
Originally Posted by 38Chevy454
6 correct. The quiz was pretty easy in my estimation.
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The bonus ? Required the back of an envelope and a pen but the others were easy.
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09-01-2020, 04:21 PM
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#42
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Location: Santa Paula
Posts: 4,068
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6/6 I remembered the rule of 72 for the bonus.
__________________
Retired Jan 2009 Have not looked back.
AA 60/35/5 considering SS and pensions a SP annuity
WR 2% with 2SS & 2 Pensions
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09-07-2020, 11:14 AM
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#43
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,671
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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.
__________________
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
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09-07-2020, 11:36 AM
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#44
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Thinks s/he gets paid by the post
Join Date: May 2005
Location: Portland
Posts: 1,707
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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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09-07-2020, 07:59 PM
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#45
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Moderator Emeritus
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,642
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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.
__________________
*********Go Astros!*********
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09-08-2020, 10:54 AM
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#46
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Thinks s/he gets paid by the post
Join Date: Sep 2012
Posts: 1,568
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7.
__________________
You know that suit they burying you in? Thar ain’t no pockets in that suit, boy.
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09-08-2020, 05:44 PM
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#47
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Recycles dryer sheets
Join Date: Feb 2013
Location: Las Vegas
Posts: 60
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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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09-08-2020, 05:50 PM
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#48
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Recycles dryer sheets
Join Date: Aug 2013
Location: Pebble Beach & Cocoa Beach
Posts: 354
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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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09-08-2020, 06:53 PM
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#49
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Recycles dryer sheets
Join Date: Aug 2011
Location: St. Augustine
Posts: 51
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6/6 (Correct that is).
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09-08-2020, 06:59 PM
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#50
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
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Lotsa stupid people out there. Try to avoid them whenever possible.
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09-08-2020, 07:49 PM
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#51
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Dryer sheet aficionado
Join Date: Oct 2018
Posts: 45
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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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09-08-2020, 08:50 PM
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#52
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Dryer sheet aficionado
Join Date: Oct 2013
Posts: 37
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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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09-08-2020, 09:44 PM
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#53
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Recycles dryer sheets
Join Date: Nov 2017
Posts: 342
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Looks like we need a little more basic financial education in our schools.
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09-08-2020, 09:56 PM
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#54
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Dryer sheet wannabe
Join Date: Jun 2019
Location: Buffalo
Posts: 11
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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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09-09-2020, 01:46 AM
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#55
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Recycles dryer sheets
Join Date: Feb 2017
Location: Kula
Posts: 158
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Could it have been any easier?
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09-09-2020, 06:16 AM
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#56
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Recycles dryer sheets
Join Date: Aug 2017
Location: Lanacaster
Posts: 99
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Quote:
Originally Posted by mickeyd
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This was easy 6/6 correct. PA average was 3.
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09-09-2020, 06:39 AM
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#57
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Thinks s/he gets paid by the post
Join Date: Aug 2014
Location: Chicago West Burbs
Posts: 2,998
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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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09-09-2020, 08:35 AM
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#58
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Recycles dryer sheets
Join Date: Jan 2008
Posts: 328
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Quote:
Originally Posted by mickeyd
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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!
__________________
Primary title "chief moron"
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09-09-2020, 08:39 AM
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#59
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Recycles dryer sheets
Join Date: Jan 2008
Posts: 328
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Quote:
Originally Posted by RenoJay
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.
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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.
__________________
Primary title "chief moron"
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09-09-2020, 08:41 AM
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#60
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Recycles dryer sheets
Join Date: Jan 2008
Posts: 328
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Quote:
Originally Posted by pb4uski
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.
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That's insane, since I did it the same way!
__________________
Primary title "chief moron"
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