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James wishes to accumulate $1,000,000. His money market fund has a balance of $311,804 and has a guaranteed interest rate of 6%. How many years must James leave that balance in the fund in order to get his desired $1,000,000? (Round answer to O decimal places, e.g. 45.) Number of years years

James wishes to accumulate $1,000,000. His money market fund has a balance of $311,804 and has a guaranteed interest rate of 6%. How many years must James leave that balance in the fund in order to get his desired $1,000,000? (Round answer to O decimal places, e.g. 45.) Number of years years

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Your answer is incorrect. James wishes to accumulate $1,000,000. His money market fund has a balance of $311,804 and has a guaranteed interest rate of 6%. How many years must James leave that balance in the fund in order to get his desired $1,000,000? (Round answer to O decimal places, e.g. 45.) Number of years eTextbook and Media Save for Later Last saved 1 second ago. years Attempts: 1 of 3 used Submit Answer
Transcribed Image Text:Your answer is incorrect. James wishes to accumulate $1,000,000. His money market fund has a balance of $311,804 and has a guaranteed interest rate of 6%. How many years must James leave that balance in the fund in order to get his desired $1,000,000? (Round answer to O decimal places, e.g. 45.) Number of years eTextbook and Media Save for Later Last saved 1 second ago. years Attempts: 1 of 3 used Submit Answer
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