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18. You are saving to buy a $273,000 house. There are two competing banks in your area, bo offering certificates of deposit yielding 6 percent.

18. You are saving to buy a $273,000 house. There are two competing banks in your area, bo offering certificates of deposit yielding 6 percent. How long will it take your initial $90,000 investment to reach the desired level at Bank One, which pays simple interest? How long at Bank Two, which compounds interest monthly? a. Bank One b. Bank Two years years

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