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\ References\ You are saving to buy a

$181,000

house. There are two competing banks in your area, both offering certificates of deposit yielding 6.6 percent.\ a. How long will it take your initial

$98,000

investment to reach the desired level at First Bank, which pays simple interest?\ Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.\ b. How long will it take your initial

$98,000

investment to reach the desired level at Second Bank, which compounds interest monthly?\ Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16 .\ a. Years to wait at First Bank\ b. Years to wait at Second Bank

You are saving to buy a $181,000 house. There are two competing banks in your area, both offering certificates of deposit yielding 6.6 percent. a. How long will it take your initial $98,000 investment to reach the desired level at First Bank, which pays simple interest? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. b. How long will it take your initial $98,000 investment to reach the desired level at Second Bank, which compounds interest monthly? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16