Question
Thomas wishes to accumulate $ 1,900,000. His money market fund has a balance of $ 377,446 and has a guaranteed interest rate of 8%. How
Thomas wishes to accumulate $ 1,900,000. His money market fund has a balance of $ 377,446 and has a guaranteed interest rate of 8%. How many years must Thomas leave that balance in the fund in order to get his desired $ 1,900,000? (Round answer to 0 decimal places, e.g. 45.)
enter a number of years | years |
Assume that Dorothy desires to accumulate $ 1,900,000 in 12 years using her money market fund of $ 543,098. At what interest rate must Dorothys investment compound annually? (Round answer to 0 decimal places, e.g. 5%.)
Interest rate | enter the interest rate in percentages | % |
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