When You Retire 40 Years from Now,you Want to Have

Multiple Choice

When you retire 40 years from now,you want to have $1.2 million.You think you can earn an average of 12 percent 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 2 years from today.How much more will you have to deposit as a lump sum if you wait for 2 years before making the deposit?

A) $1,414.14
B) $2,319.47
C) $2,891.11
D) $3,280.78
E) $3,406.78