If Susan and Joe Set Aside $10,000 for College Tuition

Multiple Choice

If Susan and Joe set aside $10,000 for college tuition when their daughter is 13, how much will be available when she starts college at 18 if the account in which the money is deposited pays 12 percent compounded monthly?

A) $17,623.42
B) $18,170
C) $16,105.10
D) $16,122.26