You Want to Have a Million Dollars in the Bank

Multiple Choice

You want to have a million dollars in the bank when you retire. You think you can save $5 000 this year, and increase that by 2% every subsequent year, in a bank that offers you 5% interest. If you make your first deposit in a year's time, how many years will it be from now before you can retire?

A) 41
B) 42
C) 43
D) 44
E) 45