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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. How
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.
How long will it take your initial $108,000 investments to reach th edesired level at First Bank, which pays simple interest?
How long will it take your initial $108,000 investment to reach the desired level at Second Bank, which compounds interest monthly?
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