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. 1 0 ( LO 2 ) ( Unknown Periods and Unknown Interest Rate ) Consider the following independent situations. a . Mike Finley wishes
LO Unknown Periods and Unknown Interest Rate Consider the following independent situations.
a Mike Finley wishes to become a millionaire. His money market fund has a balance of $ and has a guaranteed interest rate of How many years must M
leave that balance in the fund in order to get his desired $
b Assume that Sally Williams desires to accumulate $ million in years using her money market fund balance of $ At what interest rate must Sally's
investment compound annually?
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