Wow, I pitty (don't pitty) my students

[Pengwuino]

So one of my labs I teach at my university this semester is an elementary astronomy course. The course is suppose to be a fun version of a physics course, for general education and all that. About every week, there is a quiz. Last week's lab was on exponential growth/decay and in the lecture I went over how to compute interest. My example, of course, was how Fry on Futurama opened a bank account with like $10 or $5 or something in the year 2000 and in the year 3000 it was worth $10 billion or something and I showed them step by step that after 1 year it was worth 1.02x as much and the next year 1.02*1.02 times as much and so on and so forth and showed them in general its 1.02^n with n being the number of years.

Well, the next week I gave them a quiz where I asked them if you have $10,000 in a bank account sitting aroudn for 10 years at 3% annual interest, how much do you expect to have?

I think 2 out of 30 people got it right, 4 were close (and by close, I am including the people who literally just multiplied $10,000 by 0.03 to get 300 and added up 10 years worth... that is to say, they didnt understand compound interest).

What do you do with students like these? I want to figure out the best way to tell them that all your financial matters for the rest of your life follow this concept. I think I might tell them not to look like those morons on dateline who buy a new car and add a new section to their house and what have you "and before you know it, after a few years, I had a quarter million dollars in debt".

Then again maybe thanks to Excel and loan calculators and what have you, the people of this world's abysmal mathematical skills won't play too big a role in teh fall of society.

 

[Cyrus]

Face it, you're a horrible teacher.

 

[Pengwuino]

I missed you Cyrus.

 

[Evo]

My ex husband graduated from Dartmouth with a degree in economics and started an MBA at Harvard. I complained that (after he drained away my life savings) that we didn't even have a savings account. So he came home and slapped a savings bank book on the counter with $2,000 in it. I asked him where he got the money. He said he wrote a check off of one of my credit card accounts he had opened (it had a 23% annual interest rate). The savings account had an annual 5% interest rate. I told him to close the account, pay the penalty and apply the money left back to the card.

He didn't get it.

True story.

 

[magpies]

Luckly in the future robots will do everything and we can just sit back and let our brain melt.

 

[rootX]

My ex husband graduated from Dartmouth with a degree in economics and started an MBA at Harvard. I complained that (after he drained away my life savings) that we didn't even have a savings account.

I am having hard time understanding how that can happen.

 

[Evo]

I am having hard time understanding how that can happen.

So am I. I won't go into how he forged my name to enough pre-approved credit cards that he ran up $292,000 worth of credit card debt in my name without me knowing. Sorry, I'm dragging the thread off topic. I just meant to show how we can't assume people understand finances, even if that's what they are educated in.

Oh ok, I've gone this far, then there was the time the bank closed our checking account and issued an arrest warant for him. He was moving all of our money into a savings account at that time and not leaving enough in the checking account to cover the checks he was writing. I paid off the checks and convinced the bank to drop charges, I told them he wasn't a criminal, he was just stupid. They wouldn't re-open our account though.

 

[magpies]

That does sound like an MBA in economoics evo.

 

[turbo]

My ex husband graduated from Dartmouth with a degree in economics and started an MBA at Harvard. I complained that (after he drained away my life savings) that we didn't even have a savings account. So he came home and slapped a savings bank book on the counter with $2,000 in it. I asked him where he got the money. He said he wrote a check off of one of my credit card accounts he had opened (it had a 23% annual interest rate). The savings account had an annual 5% interest rate. I told him to close the account, pay the penalty and apply the money left back to the card.

He didn't get it.

True story.

Now THAT is pathetic! Apparently, Ivy-League schools take your money and degree you without bothering to educate you.

 

[BobG]

Some people have nothing but puty where most people have brains.

And Ivy League schools never educate their students. The trick is to only accept students that are smart enough to educate themselves. It cuts down on costs, people capable of educating themselves are usually successful, and having many successful graduates allows you to charge higher tuition.

Unfortunately, an occasional mistake is made during the screening process for accepting students.

 

[Pengwuino]

Some people have nothing but puty where most people have brains.

I think you have that backwards.

 

[DanP]

So am I. I won't go into how he forged my name to enough pre-approved credit cards that he ran up $292,000 worth of credit card debt in my name without me knowing. Sorry, I'm dragging the thread off topic.

It goes to show that sometimes you never really know the person who is supposed to be the most closest thing to you in the world (children notwithstanding). It may be years before you get to see who is your SO. Humans are generally lousy judges of (self)-character.


Its a pity that you had to go through such experiences , Evo.

 

[Danger]

I told them he wasn't a criminal

Actually, he was. And stupid...
It seems that his only intelligent act was to marry the hottest chick on the planet.

 

[turbo]

I think you have that backwards.

Have you noticed that DanP has too few "t"s to post properly because *someone* used too many? Letter rationing - it ain't pretty!

 

[Evo]

Actually, he was. And stupid...
It seems that his only intelligent act was to marry the hottest chick on the planet.

Did you see your birthday thread?

 

[BobG]

Have you noticed that DanP has too few "t"s to post properly because *someone* used too many. Letter rationing - it ain't pretty!

Really, he had to change his username. Yesterday, his username was DanT.

First we ran out of _'s and had to start calling him Danty DanT. Now we have to call him DanP.

 

[Danger]

Did you see your birthday thread?

I wasn't aware of it. I haven't been around much lately, and then only in Engineering. Will seek it out forthwith.

 

[turbo]

Really, he had to change his username. Yesterday, his username was DanT.

First we ran out of _'s and had to start calling him Danty DanT. Now we have to call him DanP.

I must fight the urge to post about pickled peppers...

 

[Klockan3]

The ones I pity the most are those who can't read people. Not understanding numbers is nothing compared to that.

 

[Moonbear]

The bigger question is why are you trying to teach elementary astronomy students how to calculate interest? C'mon, they didn't take the class to learn math, they took it to learn how to tell horoscopes and read tarot cards. Sheesh.

 

[Pengwuino]

The bigger question is why are you trying to teach elementary astronomy students how to calculate interest? C'mon, they didn't take the class to learn math, they took it to learn how to tell horoscopes and read tarot cards. Sheesh.

Bad Moonbear, BAD!

 

[turbo]

Bad Moonbear, BAD!

What's your sign? I'll bet you're a Libra.

 

[rewebster]

Then again maybe thanks to Excel and loan calculators and what have you, the people of this world's abysmal mathematical skills won't play too big a role in teh fall of society.

maybe all the students were trying the play the 'Bender' role, and besides their parents are the ones that control the money.

So am I. I won't go into how he forged my name to enough pre-approved credit cards that he ran up $292,000 worth of credit card debt in my name without me knowing. Sorry, I'm dragging the thread off topic. I just meant to show how we can't assume people understand finances, even if that's what they are educated in.

he was just talented in other areas like spending money and being able to hide it

 

[Pengwuino]

maybe all the students were trying the play the 'Bender' role, and besides their parents are the ones that control the money.

That works for the probably 5 students who actually still live at home

 

[Danger]

That works for the probably 5 students who actually still live at home

I've never understood that phraseology. 'Do you still live at home?' Wherever you live is home.

 

[Pengwuino]

I've never understood that phraseology. 'Do you still live at home?' Wherever you live is home.

It is quite a poor saying indeed. I mean with their parents.

 

[lisab]

I've never understood that phraseology. 'Do you still live at home?' Wherever you live is home.

...come to think of it, I've lived at home my whole life!

 

[Moonbear]

I've never understood that phraseology. 'Do you still live at home?' Wherever you live is home.

...come to think of it, I've lived at home my whole life!

Good point!

 

[erok81]

I don't have much to add, but I am glad you included a Futurama reference while teaching. It's a shame that show didn't suceed.

 

[Danger]

It is quite a poor saying indeed. I mean with their parents.

Yeah, I know what it means... I just like raising ****.

 

[Saladsamurai]

I've never understood that phraseology. 'Do you still live at home?' Wherever you live is home.

How about 'it's a fight to the finish.' That's a good place to end it.

 

[Matterwave]

Fry's account had 93 cents in it. It was 2.25% annual interest rate.

 

[Danger]

How about 'it's a fight to the finish.' That's a good place to end it.

Good one. Same idea as "It's always in the last place that I look." Never happens to me, because I always keep looking after I find it.

 

[GeorginaS]

Fry's account had 93 cents in it. It was 2.25% annual interest rate.

Good heavens. Did you Google that or have that information memorised?

 

[Matterwave]

Nah, I wiki'd it XD

I only remembered that it was in the 90 cents range...

 

[Sherazi]

I am guessing Fry was lucky and never got bankrupt by recession!=P

 

[ideasrule]

Actually, he was. And stupid...
It seems that his only intelligent act was to marry the hottest chick on the planet.

Miss South Carolina? I never knew you were interested in her.

 

[Danger]

Miss South Carolina? I never knew you were interested in her.

I had to Google that, and the only one that came up was an airhead from '07. I probably wouldn't kick her out of bed for eating crackers, but that circumstance is unlikely to occur.

By the bye, oh web-footed wonder (OP)... why is it that you are teaching and yet don't realize that 'pity' has only one 't'?

 

[Blenton]

Its more than possible that none of them watch futurama.

 

[rewebster]

By the bye, oh web-footed wonder (OP)... why is it that you are teaching and yet don't realize that 'pity' has only one 't'?

Talk about spelling, I look on ebay for 'stuff' and I'm surprised how many times 'signed' is spelled wrong in the title:

409 results found for "SINGED"

http://shop.ebay.com/i.html?_nkw="S...&_osacat=0&_trksid=p3286.c0.m270.l1313&_rdc=1

if you include plus 'in the description' it jumps to:

4,379 results found for "SINGED"

http://desc.shop.ebay.com/i.html?_n...sid=p3286.c0.m270.l1313&LH_TitleDesc=1&_rdc=1

 

[mgb_phys]

Good one. Same idea as "It's always in the last place that I look." Never happens to me, because I always keep looking after I find it.

Dilbert manager to Alice - I noticed that you also seem to try the correct solution to the problem last.

 

[Moonbear]

Fry's account had 93 cents in it. It was 2.25% annual interest rate.

Hmm...once you deduct the fees for not maintaining a minimum balance, he probably owed them money rather than the other way around.

 

[mgb_phys]

Red Dwarf (British SF comedy) had a better one.

The hero ends up frozen and revived 3million years in the future.

Discovering that he is amazingly rich because he left 99p in a bank account, he is also told that he left a light on before leaving home and the Northwest Electricity Board used the balance of his bill to construct a huge battle fleet which now controls most of the universe.

 

[ideasrule]

I had to Google that, and the only one that came up was an airhead from '07. I probably wouldn't kick her out of bed for eating crackers, but that circumstance is unlikely to occur.

By the bye, oh web-footed wonder (OP)... why is it that you are teaching and yet don't realize that 'pity' has only one 't'?

I was just wondering who you thought the hottest chick on the planet was. I thought the airhead was a good one to suggest, but apparently her stupidity isn't as well-known as I hoped.

 

[Matterwave]

Hmm...once you deduct the fees for not maintaining a minimum balance, he probably owed them money rather than the other way around.

It's possible he opened a student account or something similar which has no minimum balance requirements...

 

[Danger]

I was just wondering who you thought the hottest chick on the planet was.

I guess that you missed the part about it being Evo's husband under discussion...

 

[kote]

Hmm...once you deduct the fees for not maintaining a minimum balance, he probably owed them money rather than the other way around.

Don't forget inflation. At 2.25%, the $10,000,000 he ended with would be worth less than the $0.93 he started with. Ouch.

 

[BobG]

Don't forget inflation. At 2.25%, the $10,000,000 he ended with would be worth less than the $0.93 he started with. Ouch.

Actually, it was $4.3 billion, however, you do have a point. The pizza and soda that cost him $10.77 in 1999 (which non-coincidentally happened to be the pin number of Fry's bank account) would cost $407 billion based on the inflation rate from 1999 to 2009.

His bank account was .086 pizzas in 1999. It had "increased" to .011 pizzas by 2999. A penny saved is a penny wasted if the interest rate on your savings account is less than the inflation rate. Better to invest in things that will increase your own body fat, since body fat is a much more durable good than plain old money.

 

[Danger]

Although my experience was insignificant compared to others mentioned, I feel obliged to offer it up. When I 'retired', I left $75 in my company account. The only proof of its existence was that bank account, my company cell, and my post office box. About a year later, I got a notice of debt from good old Royal Bank of Canada. They sucked out all of it, plus another $10, in service charges, and then tried to charge me $25 for being overdrawn. Needless to say, I told them what to do with it and closed my personal accounts. The local (Bow Valley) Credit Union has been excellent. Back when I used cheques (before Interac), the manager would even phone me at home if a cheque came in that wasn't covered so I had time to go in and pad the account.

 

[Leptos]

Actually, it was $4.3 billion, however, you do have a point. The pizza and soda that cost him $10.77 in 1999 (which non-coincidentally happened to be the pin number of Fry's bank account) would cost $407 billion based on the inflation rate from 1999 to 2009.

Shouldn't it be 5.38 billion? It was 93 cents at a 2.25% interest rate, right?