Consider the following independent situations. Click here to view factor tables

Gary Finley wishes to become a millionaire. His money market fund has a balance of $134,623 and has a guaranteed interest rate of 10%. How many years must Gary leave that balance in the fund in order to get his desired $1,326,000? (Round answer to 0 decimal places, e.g. 45.)

years

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Assume that Debra Williams desires to accumulate $1,326,000 in 15 years using her money market fund balance of $230,768. At what interest rate must Debras investment compound annually? (Round answer to 0 decimal places, e.g. 5%.)

Interest rate

%

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