Your Great-Aunt Wants to Help with Your College Graduation Party

question 127

Multiple Choice

Your great-aunt wants to help with your college graduation party.She has just placed $5,000 dollars in a bank account that will earn an annual rate of return of 6%.If you graduate in four years,how much will be in your party account?

• A)$7,120.89
• B)$6,142.96
• C)$5,960.47
• D)$6,312.38

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Definitions:

Agent

A party who has the authority to act on behalf of and bind another party.

Document

A written, drawn, presented, or memorialized representation of thought, often used as evidence or in official proceedings.

Undue Influence

A legal term describing a situation where an individual is able to persuade another's decisions due to the relationship between the two, often leading to the latter being taken advantage of.

Written Will

A legal document that expresses an individual's wishes regarding the distribution of their property and the care of any minor children upon their death.