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This study investigates the effects of low caffeine doses on long-term memory as indicated by performance on a multiple choice examination. It was hypothesized that 66 mg. of caffeine, in the form of a cola beverage, would negatively affect examination performance. Experimental subjects, 24 volunteer undergraduate students, were randomly divided into two groups and asked to drink 12-ounces of cola before beginning to study. After 24 hours, subjects completed a 30 question test on the material. A significant correlation between subject's most recent caffeine consumption prior to the experiment and test results, and a non-significant inverse relationship between study time and test performance in the caffeine group were found. While the data generated by this study are inconclusive, several trends are identified for investigation by future research.