You want to have $5.1 million when you retire 29 years from now. You think you can average a 8.4 percent return 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?

Answer rating: 100% (QA)

To calculate the difference in the required lump sum deposit we can use the future value formula FV ... View the full answer