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Compounding interest is a very powerful concept. It can really hurt you, such as when you don’t pay off your credit card bill and the interest payment keeps getting bigger and bigger. It can also help you if you save money and manage it well enough to earn a steady return over many years.

If you start with $1000.00, how much will this become after 10 years if the rate of return is 5%?

Find out how to do this problem!.

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New year, new goals

Happy New Year! The holiday break came and went so quickly. But it did allow time for me to be with my family, to catch up on year-end cleaning and organization, and to reflect and think about my goals for 2011. As my children get closer to college (2.5 years away), I am thinking more about how to plan, prepare and help guide the kids. There are many aspects to this process, including of course financial planning. Saving and investing are important lifetime skills. Children are not typically taught these skills in school. How are you preparing your children for this?

I always try to find opportunities to tell my children the importance of saving, how the daily Starbucks hot chocolate can add up to a large sum of money over a year. I also tell them the power of compound interest, both in terms of its negative aspects, relating to unpaid credit card bills, and in terms of its positive aspect with regard to saving and investing money. While I don’t think my children really understand the importance of this yet, I hope that later in life it will make sense and help them plan for themselves. The ability to calculate compound interest is a skill for life. Interested in sharing your thoughts with me on this topic? Email me at contactus@goldstudent.com.

Source:    http://republicofmath.wordpress.com/2011/01/01/happy-mathematical-new-year-2011-is-the-sum-of-11-consecutive-prime-numbers/

We have estimated that each year about 100 million Christmas trees are sold in the U.S.. I was wondering how much land it would take to plant and grow these trees. Can you estimate this number?

Let’s assume that it would take 7 years for a tree to grow big enough to be cut down (6 to 12 years is a reasonable range).

Find out how to do this problem!.

Happy Holidays
Happy holidays! The first semester of school is coming to an end. Some of our students are preparing for end-semester exams, and we are getting ready for the holidays. This is a good time to relax and recharge, to reflect on the past and to plan for the future. We wish you all a happy holiday season!

Recently I had a chance to attend a meeting where I heard Salman Khan speak. He is the founder of Khan Academy. This is a website that offers many free educational videos, hosted on YouTube, covering a wide range of topics. These videos focus on teaching one concept at a time. I like the visual way of teaching. Check it out at www.khanacademy.org. These videos are good complement to the worksheets we provide at GoldStudent, which help children master a math concept.

We heard feedback from several of our members that it can be intimidating to see the timer on the tests and worksheets. It would be great to make that feature an option set by the users. We are taking that feedback seriously, and are working on allowing the students to turn the timer off or on, for all worksheets or tests. We are in the final testing stage of that feature, and will deploy it soon.

If you have any other suggestions for how we can make the site easier to use, please email us at feedback@goldstudent.com.

We are well into the new school year by now. In my family, we have settled into a routine of driving to schools and then driving to sports after school. With three kids in three different schools and three different schedules, driving has been really hectic (no school bus system where we live). However, we believe it is important for our kids to have a balanced set of activities, that combines academics with sports and other things.

In my spare time, I have managed to squeeze in time to read a few really good books (mostly on planes when traveling for work). One that is worth sharing is “Outliers” by Malcolm Gladwell. In the book, the author tries to share his observations of what he believes are the key elements that make people succeed. He highlights the importance of environment, talent, effort, and being at the right place at the right time. He points out that it may not be just coincidence that Steve Jobs, Bill Gates, Eric Smith (CEO of Google) were all born within a year of each other, signifying that the timing of the information technology revolution likely is a contributor to these super-successful innovators.

There are two things mentioned in this book that resonate strongly with me. The first is the 10,000 hours rule: He researched the experts in many fields, from computer programmers, to musicians, to mathematicians, and concludes that to truly become a master of something, one needs to not only have talent, but must also to put in about 10,000 hours to sufficiently master a subject, be it math or playing the violin.

The other is Gladwell’s observation as to why Asian children seem to be good at math. He points out two factors:

1) The Asian culture is such that parents and society believe that everyone can do math, and be good at elementary and high school-level math.

2) The Asian educational systems make students practice far more hours of math than what is expected in the U.S.. He believes that the cultural expectations (the environment) combined with the additional hours of practice drive the success of math education in China and other Asian countries.

Having grown up in China and gone through the Chinese education system, I cannot agree with him more. As far back as I can remember, adults around me, be it my parents, grandmother, or the neighbors’ children, who were just a few years older than me, would all ask me math problems as a daily routine and part of the daily play. When an entire community embraces math or education in this way, and in addition the schools assign significant homework assignments, it works: Children learn math extremely well. When a child in China was behind on his or her basic math skills, parents would find weekend tutors, or would tutor the kids at home themselves, to make sure their kids could keep up.

Will American culture evolve to the point where we will also expect all kids to be able to master basic math skills as do other cultures?