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Exercise 6-10 Consider the following independent situations. (a) Morgan Finley wishes to become a millionaire. His money market fund has a balance of $172,709 and

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Exercise 6-10 Consider the following independent situations. (a) Morgan Finley wishes to become a millionaire. His money market fund has a balance of $172,709 and has a guaranteed interest rate of 9%. How many years must Morgan leave that balance in the fund in order to get his desired $1,150,000? (b) Assume that Julia Williams desires to accumulate $1,150,000 in 12 years using her money market fund balance of $328,717. At what interest rate must Julia's investment compound annually

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