Business, 30.06.2021 03:40 bellabrill

Consider the following independent situations: 1. Mike Finley wishes to become a millionaire. His money market fund has a balance of $289,664 and has a guaranteed interest rate of 10% per year.
How many years must Mike leave that balance in the fund in order to get his desired $1,000,000?
2. Assume that Sally Williams desires to accumulate $1 million in 18 years using her money market fund balance of $250,249.
At what interest rate must Sally's investment compound annually?

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Consider the following independent situations: 1. Mike Finley wishes to become a millionaire. His m...

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