How much more will you have to deposit as a lump sum

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Question - 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

Reference no: EM133115359

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