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1. You have just received $195,000 from the estate of a long-lost rich uncle. If you invest all your inheritance in a tax-free bond fund earning 6.4% compounded quarterly, how long do you have to wait to become a millionaire? (Round your answer to two decimal places.)

2. You have just won $170,000 from a lottery. If you invest all this amount in a tax-free money market fund earning 7% compounded weekly, how long do you have to wait to become a millionaire? (Round your answer to two decimal places.)

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Financial Management, Finance

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