Question
Consider the following independent situations. (Use the tables below.) Mike Finley wishes to become a millionaire. His money market fund has a balance of $317,283
Consider the following independent situations. (Use the tables below.)
Mike Finley wishes to become a millionaire. His money market fund has a balance of $317,283 and has a guaranteed interest rate of 11%. How many years must Mike leave that balance in the fund in order to get his desired $1,000,000?
years
Assume that Sally Williams desires to accumulate $1 million in 19 years using her money market fund balance of $194,490. At what interest rate must Sallys investment compound annually? (Round answer to 0 decimal places, e.g. 5%.)
Interest rate %
could not get the tables to paste
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