Please show the formulas/work

When you retire 45 years from now, you want to have $1.25 million saved. You think you can earn an average of 7.6 percent, compounded annually, 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 five years from today to fund this goal. How much more will you have to deposit if you wait for five years before making the deposit?

Multiple Choice

• $17,414.14

• $21,319.47

• $19,891.11

• $20,468.85

• $13,406.78