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When Sam retires forty years from now, he wants to have $1 million. He thinks he can earn an average of 8.5% on his money.

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When Sam retires forty years from now, he wants to have $1 million. He thinks he can earn an average of 8.5% on his money. To meet this goal, he is trying to decide whether to deposit a lump sum today, or to wait and deposit a lump sum five years from today. How much more will he have to deposit as a lump sum if he waits for five years before making the deposit? Select one: O a. $21,036.83 O b. $18,001.06 O c. $18,677.78 O d. $18,998.03 O e. $19,272.81

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