How Long Would It Take for Nico to Save an Adequate

question 122

Multiple Choice

How long would it take for Nico to save an adequate amount for retirement if he deposits $40,000 per year into an account beginning one year from today that pays 12 percent per year if he wishes to have a total of $1,000,000 at retirement?

• A) 12.2 years
• B) 15.7 years
• C) 14.5 years
• D) 16.5 years

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