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How many years must mike leave that balance in fund in

Assignment: Intermediate Financial Accounting

Axia College of University of Phoenix (UoP)

Exercise: 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?

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