Global financial literacy – The Economist – November 26, 2015
“Suppose you put $100 in a savings account that earns 10% interest each year. After five years how much will you have? That was a question posed in a multiple-choice quiz (completed by 150,000 people in 144 countries) by Standard & Poor’s, a rating agency. The answers proferred were “less than $150”, “exactly $150” and “more than $150″. The intention was to test whether respondents understood compound interest, in addition to basic mathematics. Alas, not that many did: just one-third of them answered three out of five similar multiple-choice questions correctly…”