Question
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
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 :
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Financial Management Principles And Practice
Authors: Timothy Gallagher
6th Edition
1930789157, 978-1930789159
