Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. richard wishes to accumulate $1,600,000. his money

Richard wishes to accumulate $1,600,000. His money market fund has a balance of $170,228 and...

80.2K

Verified Solution

Question

Finance

image

Richard wishes to accumulate $1,600,000. His money market fund has a balance of $170,228 and has a guaranteed interest rate of 9%. How many years must Richard leave that balance in the fund in order to get his desired $1,600,000 ? (Round answer to 0 decimal places, e.g. 45.) Number of years years

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students