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LEW Company purchased a machine at a price of $100, 000 by signing a note payable, which requires a single payment of $123, 210 in
LEW Company purchased a machine at a price of $100, 000 by signing a note payable, which requires a single payment of $123, 210 in 2 years. Assuming annual compounding of interest, what rate of interest is being paid on the loan? Mike Finley wishes to become a millionaire. His money market fund has a balance of $92, 296 and has a guaranteed interest rate of 10%. How many years must Mike leave that balance in the fund in order to get his desired $1, 000, 000? Assume that Sally Williams desires to accumulate $1 million in 15 years using her money market fund balance of $182, 696. At what interest rate must Sally's investment compound annually
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