My LAST math question PRE-RV.... If you would like to try it..

[FishMan1969]

My "last" cash in math Problem pre-RV, If you care to try it......

1. Assume you own 2,000,000 IQD

2. The UN Operational rates of exchange spreadsheet (which can be found at http://www.un.org/Depts/treasury/), "Hypothetically", states a mid month change, published on Dec. 13, 2010 and to take effect on Dec 15, 2010 of the number 0.8547 as a change from the present number it is currently at PRE-RV (1170). This is essentially the removal of three zeros in the definition many people have assigned to the removal of the zeros throughout the years, and I do not necessarily agree with "for the record".

So the new rate on the UN spreadsheet hypothetically states 0.8547

If you apply this new POST-RV hypothetical rate, it gives you your basic cash in value in USD.

(Assumption for the following is that you are not going to try an offshore tax evasion shady deal to fly under any federal IRS radar:)

3. Take your Cash in Value and hypothetically assume a NEW 45% tax rate to the Federal government, just for an easy tax calculation.

4. Assume you are going to take "After TAX" US dollars and give 10% to the Wounded Warriors (Cause Niko has it listed on his profile )

5. How much money are you left with before you spend anything else (round to the nearest USD)?

This is not a recommendation or insinuation on anything financial, obviously! It is only to see if people can get a math question correct if they choose to try their math during or after an RV event....

[Pitcher]

1,709,400 minus 45% taxes= 940,170 minus 10% to your charity of choice=846,153 to spend

[FishMan1969]

1,709,400 minus 45% taxes= 940,170 minus 10% to your charity of choice=846,153 to spend

I kindly asked not to post math solutions yet until people have a chance to answer... OH well!!!!

[abridge]

I didn't look at others answers...but I got $846,153

Edited December 3, 2010 by abridge

[MrRich]

I kindly asked not to post math solutions yet until people have a chance to answer... OH well!!!!

Maybe you should start with a reading comprehension lesson.

[Moe485]

I CHEATED AND GOT $846,153

LOL GO RV!!!!

[mlay901]

Postabridge I used to say the same thing in high school when I was looking over the pretty girls shoulder for answers! "not me, I know I have the exact same WRONG answer...but I didn't get it from miss hottie up there!"

No offense, it just took me back thats all...GO RV!!!

[FishMan1969]

Cheating or Cheating yourself out of a lot of money??

[mlay901]

Cheating or Cheating yourself out of a lot of money??

Nice hint! If Ali allows people to do their own math to determine a dollar amount he will make out like a gangster according to these poll results...YIKES!! Go RV!

[matthewd]

I kindly asked not to post math solutions yet until people have a chance to answer... OH well!!!!

That just shows how much people pay attention. I'd be happy with that rate though!

[FishMan1969]

2. The UN Operational rates of exchange spreadsheet link is http://www.un.org/depts/treasury

The ) at the end gives you an error and screws the link up.

Sorry..

I will post my description of a solution at about 10 pm this evening.

[Snatcher]

1,158,301.00

[valdez99]

$000000 just kidding

Edited December 3, 2010 by valdez99

[TBnhispower]

Too many unanswered variables without spread and fee. However, not considering that it should be $990,000.

[helyksitz]

940170, that's without spread!!!!

Ret Navy Vet

Edited December 3, 2010 by helyksitz

[TBnhispower]

940170, that's without spread!!!!

Ret Navy Vet

This is about what I got too, except I figured we wouldn't have to pay taxes on the 10% given to the wounded soldiers, so I added that back in.

[retminded]

Thanks fishman...nice math exercise for all to perform PRIOR to RV...

ret

[FishMan1969]

Anyone want to add their vote before the solution is posted?

The percentage of those who gave the correct answer has remained fairly consistent since originally posted.

[MrRich]

I think I screwed up. I answered 846,153 but then I reread the question and the 0.8547 was substituted for the 1170 which means you should multiply by 1.17 I think, so my answer now is 1,158,301 which means I cheated myself out of $312,000. Like I said, reading comprehension is important in these problems too.

[FishMan1969]

OK, folks.....

Thanks for contributing and participating in this poll...

The results tell me that 76% of the members who attempted my math problem on Cashing in post-RV, should let the bank figure out how much or ask their kids to give them a hand at the math.

24% of the people got the answer correct which was answer number 3.

I tried to keep the question fairly simple and avoided spreads, tax law, and other things that are very relevant to post-RV cash in.

Here is the posted explanation, the best I can describe it.

Answer:

You hold 2,000,000.00 IQD

The rate in the UN spreadsheet states:

1 USD = 0.8547 IQD

This is where people get confused.

Explanation:

If 1 USD buys less than 1 IQD, this means the IQD is WORTHMORE than the USD

If 1 USD buys more than 1 IQD, this means the USD is WORTHMORE than the IQD

CBI site states at this time that 1 USD = 1170 IQD, Thusright now the USD is MORE VALUABLE than the IQD

If the UN spreadsheet or CBI Website www.CBI.iq ever show a number LESS than 1, thismeans the IQD is WORTH MORE than the USD, which is what we all want.

This means 1 IQD will buy more than 1 USD.

So in the example I gave, the new RV rate of 0.8547 means, 1USD will buy 0.8547 IQD

If you trade 1 IQD in at the bank do the math:

Look at the units, you have 1 IQD and wish to change it intoUSD.

Example: 1 IQD x 1 USD/0.8547 IQD = 1.17 USD (the IQD unitscancel each other out)

Solution for original problem:

So 2,000,000.00 IQD x 1 USD/0.8547 IQD = 2,340,002.34 USD

Take your taxes out (feds get the 45% which leaves you with55%)

So 2,340,002.34 USD x .55 = 1,287,001.29 USD (your after taxproceeds)

Then give your charitable donation (10% which leaves you 90%left over)

So 1,287,001.29 USD x .90 = 1,158,301.16 USD

Rounded to nearest dollar is 1,158,301.00 as the correct answer.

For anyone that came up with a different amount than thecorrect answer (which was about 76% of our members according to the poll), you gave up over 312,000.00 USD duringyour calculation (those who picked the most popular answer) and would never even miss it….. I will give you a PO BOX to send it to if you want to giveit away to someone….

I sincerely hope that perhaps that description helps explainthe conversion from USD to IQD or IQD to USD a little bit better for you.

Thanks for everyone participating and learning. The 76% that got it wrong, perhaps hiresomeone to manage your finances or at least do your math for you… We all knowthat post-RV, you should be able to afford it….

[Adam Montana]

I'll go in half on that post office box

[FishMan1969]

I'll go in half on that post office box

Thank you ADAM for not banning me for posting this math challenge on DV site.

I have been officially banned from another site (freak26) for posting the same math problem.

They do not want people to be informed on Cash-in calculations as that topic is too controversial.

OH MY WORD!!!!!!!!!!

[Adam Montana]

I'm not nearly as bad as people make me out to be