Question
E6-5
Mike Finley wishes to become a millionaire. His money market fund has a balance of $92,296 and has a guarateed interest rate of 10%. How many years must Mike leave that balance in the fund in order to get his disired $1,000,000?
I am getting $9,229.60 and know this is not the correct answer to solve the years.
Mike Finley wishes to become a millionaire. His money market fund has a balance of $92,296 and has a guarateed interest rate of 10%. How many years must Mike leave that balance in the fund in order to get his disired $1,000,000?
I am getting $9,229.60 and know this is not the correct answer to solve the years.