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Jafri wishes to accumulate 2 million his money market fund

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Consider the following independent situations.

(a) Jafri wishes to accumulate $2 million. His money market fund has a balance of $184,592 and has a guaranteed interest rate of 10%. How many years must Jafri leave that balance in the fund in order to get his desired $2,000,000?

(b) Assume that Jones desires to accumulate $2 million in 15 years using her money market fund of $365,392. At what interest rate must Jones's investment compound annually?

Reference no: EM13392845

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