Question: Please answer and provide fomulas used in excel. Consider the following independent situations.(a) Mike Finley wishes to become a millionaire. His money market fund has

Please answer and provide fomulas used in excel.

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 Sallys investment compound annually?

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