One of the things we had in Boy Scouts was a financial literacy badge (or something similar). It was required for getting your Eagle Scout award and one of the parents was an economics professor and she came and spoke to all the boys about finances and helped them meet the requirements.
Both kids had some limited financial stuff covered in middle/intermediate school and also briefly touched on in PE in HS. Clearly not enough parents understand enough to adequately instruct their kids and this just isn’t being done. It’s hard for kids to understand if they don’t learn it anywhere and the finance sector wants them to believe there’s “free money” for the taking.
Yes, the questions aren’t worded as well as they could be but clearly it seems that many don’t even know what they don’t know. The rule of 72 is what I used to easily see that the principal would double in under 4 years if interest was 20%. 72/20=3.6 years for it to double.