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You want to have no less than 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? OA. 42 B. 44 C. 41 OD. 43

You want to have no less than 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? OA. 42 B. 44 C. 41 OD. 43

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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You want to have no less than 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. 42 B. 44 C. 41 D. 43
Transcribed Image Text:You want to have no less than 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. 42 B. 44 C. 41 D. 43
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