When Your First Child Is Born, You Begin to Save

Multiple Choice

When your first child is born, you begin to save for college by depositing $500 per month in an account paying 6% interest per year. With a continuous stream of investment and continuous compounding, how much will you have accumulated in the account by the time your child enters college 18 years later?

A) $972.34
B) $294,467.96
C) $394,467.96
D) $66,040.45
E) $194,467.96