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Please show the formulas/work When you retire 45 years from now, you want to have...

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Accounting

Please show the formulas/work

When you retire 45 years from now, you want to have $1.25 million saved. You think you can earn an average of 7.6 percent, compounded annually, 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 five years from today to fund this goal. How much more will you have to deposit if you wait for five years before making the deposit?

Multiple Choice

  • $17,414.14

  • $21,319.47

  • $19,891.11

  • $20,468.85

  • $13,406.78

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