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How many years must Donald leave that balance

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Question 1 - Donald Finley wishes to become a millionaire. His money market fund has a balance of $106,805 and has a guaranteed interest rate of 10%. How many years must Donald leave that balance in the fund in order to get his desired $1,052,000?

Question 2 - Assume that Helen Williams desires to accumulate $1,052,000 in 15 years using her money market fund balance of $129,285. At what interest rate must Helen's investment compound annually?

Reference no: EM132504549

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