The Armstrongs Wish to Establish a Custodial Account to Finance

question 178

Short Answer

The Armstrongs wish to establish a custodial account to finance their children's education. If they deposit $200 monthly for 10 years in a savings account paying 8% /year compounded continuously, how much will their savings account be worth at the end of this period? Round your answer to the nearest dollar.
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$__________

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Definitions:

Recreational

Pertaining to activities done for enjoyment, leisure, or relaxation outside of one's professional or work-related duties.

ASVAB

Stands for Armed Services Vocational Aptitude Battery, a test used by U.S. military to determine qualification for enlistment and suggest potential career paths within the military.

Civilian Occupations

Jobs or roles performed by individuals who are not active members of the military or engaged in police or emergency services.

Differential Aptitude Test (DAT)

A standardized test designed to assess specific talents or aptitudes in a range of areas.