How Long Would It Take for Nico to Save an Adequate

Multiple Choice

How long would it take for Nico to save an adequate amount for retirement if he deposits $40,000 per year into an account beginning one year from today that pays 12 percent per year if he wishes to have a total of $1,000,000 at retirement?

A) 15.0 years
B) 15.5 years
C) 14.5 years
D) 16.5 years