25 May Question Consider the following independent situations.(Hint: Use tables in text.
Question
Consider the following independent situations.(Hint: Use tables in text.)
| (a) | Mark Yoders wishes to become a millionaire. His money market fund has a balance of $148,644 and has a guaranteed interest rate of 10%. How many years must Mark leave that balance in the fund in order to get his desired $1,000,000? |
| (b) | Assume that Elvira Lehman desires to accumulate $1 million in 15 years using her money market fund balance of $239,392. At what interest rate must Elvira’s investment compound annually? |
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