Yet more fun with numbers

The FT have finally published a letter pointing out the daft mistake in a letter complaining about a daft mistake in an earlier article, which I covered last Friday:

Sir, Mr John L Frank (Heed the power of compound interest, Letters, May 29) has compounded (if you would excuse the pun) the same careless mistake as that made by John Taylor, whom he criticised mercilessly.

Ten per cent year-on-year inflation would result in 159 per cent increases (or 2.59 times) in price in 10 years, not 259 per cent as he lectures Mr Taylor.

This is a simple arithmetic mistake many people carelessly make, Messrs Frank and Taylor are no exceptions, economist or otherwise. I wouldn't read too much into it.

S K Lee, London SW1, UK.