Question: E 5 . 1 0 ( LO 2 ) ( Unknown Periods and Unknown Interest Rate ) Consider the following independent situations. Mike Finley wishes

E5.10(LO 2)(Unknown Periods and Unknown Interest Rate) Consider the following independent situations.
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?
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 Sallys investment compound annually?

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