Suppose That You Wish to Save for Your Child's College

question 91

Multiple Choice

Suppose that you wish to save for your child's college education by opening up an educational IRA. You plan to deposit $100 per month into the IRA for the next 18 years. Assume that you will be able to earn 10%, compounded monthly, on your investment. How much will you have accumulated at the end of 18 years?

• A) $21,600
• B) $54,719
• C) $33,548
• D) $85,920
• E) $60,056

---

Definitions:

Interventions

Actions or processes of intervening, typically aimed at improving a situation or condition, often used in medical, educational, or social contexts.

Buffer Zones

Areas created to separate or diminish conflicts between countries, groups, or regions, often used to prevent military engagements or preserve environmental areas.

Harmful Intrusions

Unwanted or invasive actions that negatively impact an individual's mental, emotional, or physical well-being.

Bicultural Couples

Bicultural couples consist of partners from two different cultural, racial, or ethnic backgrounds, navigating the complexities of melding diverse cultural identities within their relationship.