You Would Like to Give Your Daughter $40,000 Towards Her

question 31

Multiple Choice

You would like to give your daughter $40,000 towards her college education thirteen years from now. How much money must you set aside today for this purpose if you can earn 6.3% on your funds?

• A) $17,750.00
• B) $17,989.28
• C) $18,077.05
• D) $18,213.69
• E) $18,395.00

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Definitions:

Logical-Mathematical

Referring to a type of intelligence that involves the ability to analyze problems logically, carry out mathematical operations, and investigate issues scientifically.

Cognitive Style

A habitual and/or preferred means of approaching cognitive tasks.

Field Independence

A cognitive style characterized by the ability to maintain orientation or focus on details in the presence of distracting background information.

Field Dependence

A cognitive style characterized by reliance on external frames of reference for orientation and problem-solving.