Which compounds interest monthly

Assignment Help Financial Accounting

Reference no: EM13168688

You are saving to buy a $191,000 house. There are two competing banks in your area, both offering certificates of deposit yielding 7.6 percent.

Requirement 1:

How long will it take your initial $108,000 investment to reach the desired level at First Bank, which pays simple interest? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations.

Number of years ?

Requirement 2:

How long will it take your initial $108,000 investment to reach the desired level at Second Bank, which compounds interest monthly? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations.

Reference no: EM13168688

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