Question: When your first child is born, you begin to save for college by depositing $600 per month in an account paying 12% interest per year.

When your first child is born, you begin to save for college by depositing $600 per month in an account paying 12% interest per year. You increase the amount you save by 4% per year, with continuous investment and compounding, how much will you have accumulated in the account by the time your child enters college 18 years later? 12. a. $5,955.03 b. $6,435.34 c. $68,676.50 d. $6,560,949.48 e. $595,503.40

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