section b

(a) Your answer has been saved. See score details after the due date. William wishes to accumulate $1,400,000. His money market fund has a balance of $345,770 and has a guaranteed interest rate of 6%. How many years must William leave that balance in the fund in order to get his desired $1,400,000? (Round answer to O decimal places, e.g. 45.) 24 years Attempts: 1 of 1 used (b) Assume that Elizabeth desires to accumulate $1,400,000 in 16 years using her money market fund of $228,370. At what interest rate must Elizabeth's investment compound annually? (Round answer to 0 decimal places, e.g. 5%.) % Interest rate Attempts: 0 of 1 used Submit Answer Save for Later