Child Support Arrears, Compound Interest, and You
Here’s a mathematical puzzle to nudge your noggin: how can you take $8,800 and turn it into $7.5 million? Ben Franklin knew the trick; he left $4,400 to Boston and the same sum to Philadelphia, leaving the heavy lifting to compound interest. Exactly 200 years later, Boston had a tidy sum of $5 million, with Philadelphia reaping about $2.5 million. ...