1. 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?
2. When computing an interest or growth rate, the rate will increase the larger the future value, holding present value and the number of periods constant: T/F

$1,200 is received at the beginning of year 1, $2,200 is received at the beginning of year 2, and $3,300 is received at the beginning of year 3. If these cash flows are deposited at 12 percent, their combined future value at the end of year 3 is *

1 point

A) $ 6,700.

B) $17,000.

C) $12,510.

1. D) $ 8,141.