The correct conjugation of the verb in Present Tense to fill the sentence is:
The conjugation of the verb "estudiar" in present tense, taking into account the personal pronouns is:
Since the personal pronoun used in the sentence is "ustedes," and taking into account the guide above, the proper conjugation for said pronoun is "estudian."
If you want to learn more about Present Tense in Spanish, you can visit the following link: https://brainly.com/question/25744335