Answer:
The answer is "$32,000"
Explanation:
Coverdell mutual funds must be paid until the beneficiaries are 18 years old. The 16-year-old would be only eligible for two-year contributions (aged 16 and 17). The 14- year old is eligible for the four years' payment (age 14, 15, 16, 17). In five years, it would therefore be a total of $32,000 in the following:
[tex]7\ year-old (5 \times \$2,000) = \$10,000\\\\9\ year-old (5 \times \$2,000) = \$10,000\\\\14\ year-old (4 \times \$2,000) = \$ 8,000\\\\16\ year-old (2 \times \$2,000) = \$ 4,000[/tex]
Total [tex]= \$10,000+\$10,000+ \$8,000+\$4,000=\$32,000[/tex]
