Your Mother Helped You Start Saving $25 a Month Beginning

question 241

Multiple Choice

Your mother helped you start saving $25 a month beginning on your 10th birthday. She always made you make your deposit on the first day of each month just to "start the month out right".
Today, you turn 21 and have $4,482.66 in your account. What is your rate of return on your savings?

• A) 5.25%
• B) 5.29%
• C) 5.33%
• D) 5.36%
• E) 5.50%

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Definitions:

Electronic Hacking

Unauthorized access to or manipulation of computer systems, networks, or personal digital devices, often with malicious intent.

Noncompete Clause

A contract provision prohibiting an employee from working in a competing business for a specified period after leaving the company.

Right to Be Informed

A consumer right that ensures individuals have access to complete and accurate information before making purchasing decisions.

Web Retailer

A business that sells products or services exclusively over the Internet, without a physical storefront.