15. the effective rate of the compound interest rate or investment. (Round your answer to two decimal places.)
A $50,000 zero-coupon bond maturing in 8 years and selling now for $42,035.
16.have just received $115,000 from the estate of a long-lost rich uncle. If you invest all your inheritance in a tax-free bond fund earning 6.2% compounded quarterly, how long do you have to wait to become a millionaire? (Round your answer to two decimal places.)
Hope this will help you to solve the question, if any doubt you can ask it.
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