When you retire 35 years from now, you want to have $1.2 million. You think you can earn an average of 9 percent on your investments. To meet your goal, you are trying to decide whether to deposit a lump sum today, or to wait and deposit a lump sum 5 years from today. How much more will you have to deposit as a lump sum if you wait for 5 years before making the deposit?
a) $27,414.14
b) $26,319.47
c) $29,891.11
d) $31,662.08
e) $33,406.78
Answers: 2
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