ACC 421 Week 5
Exercise 6-10 (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’s investment compound annually?
Click here for the solution: (Unknown Periods and Unknown Interest Rate) Consider the following independent situations
