Maybe not that smart. It's astounding how ignorant people are about basic mathematics. Yep. Many of them call themselves savvy investors.
2% per month over 4 years is not 96%. The correct answer is 62%.
You should use exponential decay.
1-(1-0.02)^48 = 0.62
https://mathbitsnotebook.com/Algebra1/FunctionGraphs/FNGTypeExponential.html
