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Exercise 6-10 Consider the following independent situations. Click here to view factor tables x Your answer incorrect. Try again. Richard Finley wishes to become a
Exercise 6-10 Consider the following independent situations. Click here to view factor tables x Your answer incorrect. Try again. Richard Finley wishes to become a millionaire. His money market fund has a balance of $87,109 and has a guaranteed interest rate of 10%. How many years must Richard leave that balance in the fund in order to get his desired $858,000? (Round answer to O decimal places, e.g. 45.) 20 years Your answer is correct. Assume that Maria Williams desires to accumulate $858,000 in 15 years using her money market fund balance of $205,398. At what interest rate must Maria's investment compound annually? (Round answer to O decimal places, e.g. 5%.) Interest rate 0% Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION LINK TO TEXT LINK TO VIDEO Question Attempts: 1 of 3 used
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