Question: How long would it take for Tommy to save an adequate amount for retirement if he deposits $40,000 per year into an account beginning one

How long would it take for Tommy 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.

16.5 years

B.

14.5 years

C.

15.0 years

D.

15.5 years

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