« Paying for hospital mistakes | Main | Return your HD DVD at Circuit City! »

Are you smarter than a 5th grader?

Did everyone catch Excellent Eileen's column yesterday on financial literacy? If you didn't, as they say in Monopoly, do not pass go. Do not collect $200 because you wouldn't know what to do with it anyway.

Now, some who know me well, will say I'm talking out of the side of my mouth because I'm just about as bad at math as you can get. My sisters tease me all the time because it takes me a minute or five to compute how much to tip the waiter from the bill.

Waddaya expect here? I'm a writer, not a mathematician!

But look, that's no longer a valid excuse. Eileen says that people stumped by even basic financial concepts face serious consequences because the decisions you make at this stage can determine whether you can retire comfortably or run out of money late in life.

To prepare for National Financial Literacy Month in April, take this test that ran in Eileen's column:

1. If the chance of getting a disease is 10 percent, how many people out of 1,000 would be expected to get the disease?

2. If five people all have the winning number in the lottery and the prize is $2 million, how much will each get?

3. You have $200 in a savings account that earns 10 percent in interest each year. How much would you have in the account after two years?

The answers:

1. 100; 2. $400,000; 3. $242.

My sisters will never believe me, but I got all three right! How about you out there? How did you do with the test? 'Fess up, my friends!

Post a comment

All comments must be approved by the blog author. Please do not resubmit comments if they do not immediately appear. You are not required to use your full name when posting, but you should use a real e-mail address. Comments may be republished in print, but we will not publish your e-mail address. Our full Terms of Service are available here.

Please enter the letter "a" in the field below:
About the bloggers
A native of Vietnam, Dan Thanh Dang has lived in Maryland most of her life and has been a Baltimore Sun reporter since 1990. She's written about everything from mayoral elections and murder to energy prices and online dating. These days, she writes about a topic she's all too familiar with, spending money -- how to save more of it, blow all of it, use it wisely and avoid getting ripped off in the process.
Column archive
Contributors
• Columnist Eileen Ambrose
E-mail Eileen
Column archive

• Reporter Liz Kay
E-mail Liz
Liz also writes the weekly Watchdog column, about problems in area neighborhoods that aren't being fixed.
E-mail Watchdog
Follow us on Twitter
-- ADVERTISEMENT --

Most Recent Comments