Handling Finances

I’m a big fan of riddles. Regularly solving small problems has been shown to increase your reasoning skills, preserve cognitive function into later years and it’s just a whole lot of fun!

A Difference in Earnings.

Three friends, Rob, Patrick and Jennifer, each invested $10,000 in different investments that all earned a fixed interest rate compounded monthly. At the end of the year, Patrick had $10,500. Rob reached $10,500 after only 11 months and Jennifer reached the same amount after only 10 months. What interest rates did each of the friends earn on their investment?

The answer to come next week.

Carnival of Personal Finances.

My post, Credit Card Rates Increasing was included in BagLady’s Carnival of Personal Finances this week. Check it out for more great articles from around the web.

This entry was posted on Saturday, March 8th, 2008 at 9:33 am and is filed under Blogging, Weekly Riddle. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.