You are saving to buy a $150,000 house. There are two competing banks in your area, both

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You are saving to buy a $150,000 house. There are two competing banks in your area, both offering certificates of deposit yielding 5 percent. How long will it take your initial $95,000 investment to reach the desired level at First Bank, which pays simple interest? How long at Second Bank, which compounds interest monthly?

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Fundamentals Of Corporate Finance

ISBN: 9780072553079

6th Edition

Authors: Stephen A. Ross, Randolph Westerfield, Bradford D. Jordan

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