How long would it take for you to save an adequate amount for retirement if you deposit $40,000 per year into an account beginning today that pays 12 percent per year if you wish to have a total of $1,000,000 at retirement? O a. 12.2 years O b. 10.5 years O C. 14.8 years O d. 11.5 years

How long would it take for you to save an adequate amount for retirement if you deposit $40,000 per year into an account beginning today that pays 12 percent per year if you wish to have a total of $1,000,000 at retirement? O a. 12.2 years O b. 10.5 years O C. 14.8 years O d. 11.5 years

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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Question

How long would it take for you to save an adequate amount for retirement if you
deposit $40,000 per year into an account beginning today that pays 12 percent per
year if you wish to have a total of $1,000,000 at retirement?
O a. 12.2 years
O b. 10.5 years
O c. 14.8 years
O d. 11.5 years

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