Investment to reach the desired level at second bank

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Reference no: EM131562193

You are saving to buy a $176,000 house. There are two competing banks in your area, both offering certificates of deposit yielding 6.1 percent.

How long will it take your initial $93,000 investment to reach the desired level at First Bank, which pays simple interest?

Number of years:

How long will it take your initial $93,000 investment to reach the desired level at Second Bank, which compounds interest monthly?

Number of years :

Reference no: EM131562193

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