Martina's RRSP earns 12% compounded monthly and her goal is to accumulate $1,000,000 by making deposits of $4,100 at the end of every year. How many years will it take to reach her goal?

A) 24 years
B) 29 years
C) 33 years
D) 47 years
E) 125 years

To solve this, we use the formula for the future value of a series of annuity payments compounded at a different frequency than the payments are made. The formula is: $FV=P\times \left(\frac{(1+r/n{)}^{nt}-1}{r/n}\right)$ , where $FV$ is the future value of the annuity, $P$ is the payment amount, $r$ is the annual interest rate, $n$ is the number of compounding periods per year, and $t$ is the time in years. In this case, $P=\$4,100$ , $r=0.12$ , and $n=12$ for monthly compounding. We solve for $t$ when $FV=\$1,000,000$ . This requires iterative calculation or financial calculator/financial function in a spreadsheet, and the closest answer is 29 years.