Only 11% of college students correctly answered these 4 money questions—can you? via CNBCMakeIt
College students and relatively recent grads are pretty confident when it comes to money. Roughly seven out of 10 college grads rank their financial skills as either excellent or good, while almost six out of 10 students feel similarly.
When respondents were put to the test, though, only about one in four college grads were able to correctly answer four questions about key financial concepts such as how interest accrues and how to pay off debt. Current college students fared worse: Only about 11% of them answered all the questions correctly.
1. Suppose you had $100 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think you would have in the account if you left the money to grow?2. Assuming the following individuals have the same credit card with the same interest rate and balance, which will pay the most in interest on their credit card purchases over time?b.
About 60% of students and 64% of grads say they pay off their credit cards in full every month and fewer than 1% say they pay less than the minimum, according to the report.
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