# Should Public Schools teach Finances?

**URL:** <https://boards.straightdope.com/t/should-public-schools-teach-finances/143117>\
**Category:** Great Debates\
**Created:** [December 16, 2002, 5:44pm UTC](https://boards.straightdope.com/t/should-public-schools-teach-finances/143117 "2002-12-16T17:44:21Z")\
**Posts on this page:** 5\
**Page:** 2

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**Author:** ![robertliguori](https://avatars.discourse-cdn.com/v4/letter/r/46a35a/32.png) [@robertliguori](https://boards.straightdope.com/u/robertliguori)\
**Post date:** [December 17, 2002, 3:46am UTC](https://boards.straightdope.com/t/should-public-schools-teach-finances/143117/21 "2002-12-17T03:46:29Z")

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Ahem. Someone needs to go back to Calculus.  
The interest accrued in the first month is calculated in the 2nd month, the combined interest is added to the third month, etc.

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**Author:** ![december](https://avatars.discourse-cdn.com/v4/letter/d/838e76/32.png) [@december](https://boards.straightdope.com/u/december)\
**Post date:** [December 17, 2002, 3:50am UTC](https://boards.straightdope.com/t/should-public-schools-teach-finances/143117/22 "2002-12-17T03:50:13Z")

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> [@](#):
>
> \*Originally posted by Duck Duck Goose \*  
> \*\*A credit card’s 1.5% a month times 12 months equals 18% a year.
> 
> If you don’t believe me, ask CNN.  
> [http://money.cnn.com/pf/101/lessons/12/page3.html](http://money.cnn.com/pf/101/lessons/12/page3.html)  
> How are you coming up with 19.56%? \*\*

1.015[sup]12[/sup] = 1.1956.

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**Author:** ![desdinova](https://avatars.discourse-cdn.com/v4/letter/d/8baadc/32.png) [@desdinova](https://boards.straightdope.com/u/desdinova)\
**Post date:** [December 17, 2002, 4:32am UTC](https://boards.straightdope.com/t/should-public-schools-teach-finances/143117/23 "2002-12-17T04:32:56Z")

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> [@](#):
>
> \*Originally posted by Duck Duck Goose \*  
> \*\*A credit card’s 1.5% a month times 12 months equals 18% a year.
> 
> If you don’t believe me, ask CNN.  
> [http://money.cnn.com/pf/101/lessons/12/page3.html](http://money.cnn.com/pf/101/lessons/12/page3.html)  
> How are you coming up with 19.56%? \*\*

See, this is why I volunteer with Junior Achievement 😉

Usually, this problem crops up when someone tells me “between 1992 and 2002, such and such statistic increased 20%! That means it increased 2% every year!”

Instead of, "That means it increased [((1.2^0.1)-1)\*100]%!

Left my damn calculator at the office again, and I hate the Windows calculator with a passion…

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**Author:** ![Hickory6](https://avatars.discourse-cdn.com/v4/letter/h/ecae2f/32.png) [@Hickory6](https://boards.straightdope.com/u/Hickory6)\
**Post date:** [December 17, 2002, 4:38am UTC](https://boards.straightdope.com/t/should-public-schools-teach-finances/143117/24 "2002-12-17T04:38:24Z")

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Geez, Money Magazine didn’t make THAT boneheaded mistake, did they?

(And yet I’m one of the personal finance reporters they laid off. GRRRRR!)

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**Author:** ![Bryan\_Ekers](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/bryan_ekers/32/183_2.png) [@Bryan\_Ekers](https://boards.straightdope.com/u/Bryan_Ekers)\
**Post date:** [December 17, 2002, 5:34am UTC](https://boards.straightdope.com/t/should-public-schools-teach-finances/143117/25 "2002-12-17T05:34:05Z")

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At the very least, a class or two on how to fill out a personal tax return would be worthwhile.

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