Business, 11.11.2020 18:00 Jenniferwolf

Mike Finley wishes to become a millionaire. His money market fund has a balance of $403,884 and has a guaranteed interest rate of 12%. How many years must Mike leave that balance in the fund in order to get his desired $1,000,000? Assume that Sally Williams desires to accumulate $1 million in 15 years using her money market fund balance of $209,004. At what interest rate must Sallyâs investment compound annually? (Round answer to 0 decimal places, e. g. 5%.)

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Mike Finley wishes to become a millionaire. His money market fund has a balance of $403,884 and has...

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