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E6-10 Mark Yoders wishes to become a millionaire

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E6-10 (Unknown Periods and Unknown Interest Rate) Consider the following independent situations.
(a) Mark Yoders wishes to become a millionaire. His money market fund has a balance of $148,644
and has a guaranteed interest rate of 10%. How many years must Mark leave that balance in the
fund in order to get his desired $1,000,000?

(b) Assume that Elvira Lehman desires to accumulate $1 million in 15 years using her money market
fund balance of $239,392. At what interest rate must Elvira’s investment compound annually?

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