The Armstrongs Wish to Establish a Custodial Account to Finance

question 189

Multiple Choice

The Armstrongs wish to establish a custodial account to finance their children's education. If they deposit $600 monthly for 10 years in a savings account paying 6% / year compounded continuously, how much will their savings account be worth at the end of this period? Round your answer to the nearest dollar.

• A) $99,877
• B) $98,654
• C) $100,786
• D) $94,327

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Definitions:

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Psychologists or researchers who study the mental processes involved in knowledge, perception, memory, and problem-solving.

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Drugs that are used to treat and manage anxiety symptoms by affecting the central nervous system.