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Jason wishes to accumulate $3,200,000. His money market fund has a balance of $340,456 and has a guaranteed interest rate of 9%. How many years must Jason leave that balance in the fund in order to get his desired $3,200.000? (Round answer to 0 decimal places, e.g. 45.) Number of years 26 years

Jason wishes to accumulate $3,200,000. His money market fund has a balance of $340,456 and has a guaranteed interest rate of 9%. How many years must Jason leave that balance in the fund in order to get his desired $3,200.000? (Round answer to 0 decimal places, e.g. 45.) Number of years 26 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 correct. Jason wishes to accumulate $3,200,000. His money market fund has a balance of $340,456 and has a guaranteed interest rate of 9%. How many years must Jason leave that balance in the fund in order to get his desired $3,200.000? (Round answer to 0 decimal places, e.g. 45.) Number of years 26 years
Transcribed Image Text:Your answer is correct. Jason wishes to accumulate $3,200,000. His money market fund has a balance of $340,456 and has a guaranteed interest rate of 9%. How many years must Jason leave that balance in the fund in order to get his desired $3,200.000? (Round answer to 0 decimal places, e.g. 45.) Number of years 26 years
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