What interest rate must carla investment compound annually

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Reference no: EM131972687

Alan Finley wishes to become a millionaire. His money market fund has a balance of $108,886 and has a guaranteed interest rate of 10%. How many years must Alan leave that balance in the fund in order to get his desired $975,000? (Round answer to 0 decimal places, e.g. 45.)

years

Assume that Carla Williams desires to accumulate $975,000 in 14 years using her money market fund balance of $137,795. At what interest rate must Carla’s investment compound annually? (Round answer to 0 decimal places, e.g. 5%.)

Interest rate %

Reference no: EM131972687

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