Business, 26.02.2020 18:48 KillerSteamcar

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? (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? (Do not round intermediate calculations and round your answer to 2 decimal places, e. g., 32.16.)

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You are saving to buy a $181,000 house. There are two competing banks in your area, both offering ce...

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