When you retire forty years from now, you want to have $1 million. You think you can earn an average of 8.5% on your money. To meet this goal, you are trying to decide whether to deposit a
Lump sum today, or to wait and deposit a lump sum ﬁve years from today. How much more will you
Have to deposit as a lump sum if you wait for ﬁve years before making the deposit?
A) $18,001.06
B) $18,677.78
C) $18,998.03
D) $19,272.81
E) $21,036.83

Question

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The Answer of When you retire forty years from now, you want to have $1 million. You think you can earn an average of 8.5% on your money. To meet this goal, you are trying to decide whether to deposit a
Lump sum today, or to wait and deposit a lump sum ﬁve years from today. How much more will you
Have to deposit as a lump sum if you wait for ﬁve years before making the deposit?
A) $18,001.06
B) $18,677.78
C) $18,998.03
D) $19,272.81
E) $21,036.83

When You Retire Forty Years from Now, You Want to Have