Your Parents Paid $1,000 for a College Fund Bond When

question 63

Multiple Choice

Your parents paid $1,000 for a college fund bond when you were born.Today is your 20^th birthday and you are ready to cash the bond which has grown to a value of $3,361.85.What was the average annual rate of return on your college fund bond?

• A)5.50%
• B)6.25%
• C)6.73%
• D)There is not enough information to answer this question.

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