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You are saving to buy a $ 2 7 5 , 0 0 0 house. There are two competing banks in your area, both offering
You are saving to buy a $ house. There are two competing banks in your area, both offering certificates of deposit yielding percent.
How long will it take your initial $ investment to reach the desired level at First Bank, which pays simple interest?
Note: Do not round intermediate calculations and round your answer to decimal places, eg
How long will it take your initial $ investment to reach the desired level at Second Bank, which compounds interest monthly?
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