Solved: At what interest rate serena investment compound annually, Finance Basics

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At what interest rate serena investment compound annually

Consider the given independent situations.

Q1. 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?

Q2. 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?

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