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How financially literate are Europeans? Not very - but who knows most?
(www.euronews.com)
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this post was submitted on 27 Apr 2024
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That's an insanely hard problem to know the equation and do it in your head. Because the interest compounds (current year plus interest adds to last year's total).
The equation is P( (1+r/n)^t*n -1)
Check the article. It's pretty easy to choose the right option.
If someone asked me to calculate it in the street I would be blue screening but here it was a multiple choice with the options set in a way that you don't really have to calculate compound interest at all, you just had to know it exists (over 110€).