Question
You are saving to buy a $177,000 house. There are two competing banks in your area, both offering certificates of deposit yielding 6.2 percent. a.
You are saving to buy a $177,000 house. There are two competing banks in your area, both offering certificates of deposit yielding 6.2 percent. |
a. | How long will it take your initial $94,000 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 $94,000 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.) |
I want to know how to do these steps on he calculator. Thanks.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started