Consider the following independent situations. (a) Mark Yoders wishes to become a millionaire. His money market fund has a balance of $403,884 and has a guaranteed interest rate of 12%. How many years must Mark leave that balance in the fund in order to get his desired $1,000,000?

(b) Assume that Elvira Lehman desires to accumulate $1 million in 15 years using her money market fund balance of $209,004. At what interest rate must Elvira