ACC 349 Week 3 Deliverables E6 10 Ind.1

In this file ACC 349 Week 3 Deliverables E6 10 Ind.1 there are solutions of the following tasks:

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