Homework answers / question archive / 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? PLEASE show how to do it on a Financial calculator

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? PLEASE show how to do it on a Financial calculator

Accounting

Share With

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? PLEASE show how to do it on a Financial calculator.

A) 12.2 years

B) 10.5 years

C) 14.8 years

D) 11.5 years