You are saving to buy a $190,000 house. There are two competing banks in your area, both offering certificates of deposit yielding 7.5 percent.

a.How long will it take your initial $107,000 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 $107,000 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.)