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 Sally Williams desires to accumulate $1 million in 15 years using her money market fund balance of $182,696. At what interest rate must Sally’s investment compound annually?

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A: To open the "FV function" window - MS-Excel --> Formulas --> Financials --> FV.

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A:

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A: Note: This post has two questions. The first has been answered below.

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