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His money market fund has a balance of $148,644 and has a guaranteed interest rate of 10%.

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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?;years;(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?;%;Click here if you would like to Show Work for this question

 

Paper#28133 | Written in 18-Jul-2015

Price : $22
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