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?

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Part 1

A.

14.5 years

B.

12.2 years

C.

15.7 years

D.

16.5 years

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. 14.5 years B. 12.2 years C. 15.7 years D. 16.5 years