You Are Saving for Your Child's University Education

question 13

Multiple Choice

You are saving for your child's university education.It is her 1st birthday today.She will start university just after her 19th birthday.You are going to save $2,000 per year each year starting today and ending on her 18th birthday.If you expect to earn a rate of 5% in the savings account,then how much will you have saved by her 19^th birthday?

• A) $56,264.77
• B) $59,078.01
• C) $61,078.01
• D) $64,131,91
• E) $54,264.77

---

Definitions:

Weber's Law

A principle in psychophysics stating that the smallest change in a stimulus that can be detected is a constant proportion of the original stimulus’s intensity.

Grams

A unit of mass in the metric system, used to measure small quantities of substances.

Standard Weight

A term often used to denote average or ideal weight based on height, age, and gender, according to health standards.

Hertz

The unit of frequency in the International System of Units (SI), equal to one cycle per second.