Question: You are saving to buy a $ 1 9 2 , 0 0 0 house. There are two competing banks in your area, both offering

You are saving to buy a $192,000 house. There are two competing banks in your area, both offering certificates of deposit yielding 7.7 percent.
How long will it take your initial $109,000 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.
How long will it take your initial $109,000 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.

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