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Exercise 6-10 Consider the following independent situations. Click here to view factor tables Steve Finley wishes to become a millionaire. His money market fund
Exercise 6-10 Consider the following independent situations. Click here to view factor tables Steve Finley wishes to become a millionaire. His money market fund has a balance of $246,979 and has a guaranteed interest rate of 6%. How many years must Steve leave that balance in the fund in order to get his desired $1,000,000? (Round answer to 0 decimal places, e.g. 45.) years LINK TO TEXT VIDEO: SIMILAR EXERCISE Assume that Amy Williams desires to accumulate $1,000,000 in 15 years using her money market fund balance of $209,004. At what interest rate must Amy's investment compound annually? (Round answer to 0 decimal places, e.g. 5%.) Interest rate % Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT VIDEO: SIMILAR EXERCISE
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