You want to start an Coverdell Education Savings Account for your child. Suppose that you contribute $500 each year to this account for 18 years, starting when he or she is born. If you can earn 8% on the deposits,
how much will be on deposit at the end of the 18th year?
A) $4,306.38
B) $17,581.05
C) $18,725.12
D) $3,682.89
E) none of the above
Answer: C
Business
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