Question

15. the effective rate of the compound interest rate or investment. (Round your answer to two...

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.)

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