question archive E6-10 (Unknown Periods and Unknown Interest Rate) Consider the following independent situations
E6-10 (Unknown Periods and Unknown Interest Rate) Consider the following independent situations
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E6-10 (Unknown Periods and Unknown Interest Rate)
Consider the following independent situations.
(a)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?
(b)Assume that Serena Williams desires to accumulate $1 million in 15 years using her money market fund balance of $182,696. At what interest rate must Serena
