You are saving to buy a $178,000 house. There are two competing banks in your area, both
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Question:
You are saving to buy a $178,000 house. There are two competing banks in your area, both offering certificates of deposit yielding 6.3 percent.
How long will it take your initial $95,000 investment to reach the desired level at First Bank, which pays simple interest? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Number of years
How long will it take your initial $95,000 investment to reach the desired level at Second Bank, which compounds interest monthly? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Number of years
Related Book For
Essentials Of Corporate Finance
ISBN: 9780073382463
7th Edition
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
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