Your Father Helped You Start Saving $20 a Month Beginning

question 30

Multiple Choice

Your father helped you start saving $20 a month beginning on your 5^th birthday.He always made you deposit the money into your savings account on the first day of each month just to "start the month out right." Today completes your 17^th year of saving and you now have $6,528.91 in this account.What is the rate of return on your savings?

• A)5.15 percent
• B)5.30 percent
• C)5.47 percent
• D)5.98 percent
• E)6.12 percent

---

Definitions:

Conditional Sale Agreement

A conditional sale agreement is a contract in which the sale of a good or property is contingent upon certain conditions being met, often related to the buyer making payments over time.

Good Title

Legal documentation proving ownership of property without any liens or claims against it.

Registration

The act of recording information, such as ownership of property or a vehicle, in an official public registry or database.

Security Interest

A legal right or claim on assets granted to creditors to secure loan repayments, typically collateralized by the asset itself.