Monday, April 14, 2014
Money Value
While we where reading I noticed that the value of money has changed. Jim said that he was rich when he had fourteen dollars. Jim gives another slave a dollar to start a bank. The bank slave says that he will get four dollars back at the end of the year. Jim ends up giving the banker slave 4 dollars in return Jim is told he will get 35 dollars in interest. If The banker slave was giving 4 dollars in interest per every one dollar someone invests Jim should get 16 dollars in interest instead of 35. This proves that the banker slave has no idea what he is doing.
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Interesting concept to talk about and I agree. However, the banker slave hasn't had a proper education so how could we even expect him to know about how to run a bank?
ReplyDeleteFrom what we have seen so far, Jim isn't the brightest person anyway. So he probably didn't know what he is doing also.
ReplyDeleteIts hard to say that I agree with you basing This all on the fact that Jim wasn't "bright" because if you really think about it, to a poor man who has nothing and no money then obviously he is going to value his money and feel "rich". Not in a way that he necessarily thought he was super rich as in a millionaire but because before he didn't have much so with what he did have Jim considered himself rich.
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