# Suppose that you wish to save for your child's college education by opening up - 778

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## riz115

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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.\$54,719

B.\$33,548

C.\$85,920

D.\$21,600

E.\$60,056

Solution Description

14) 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?