You are saving to buy a $195,000 house. There are two competing banks in your area, both
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You are saving to buy a $195,000 house. There are two competing banks in your area, both offering certificates of deposit yielding 5.5 percent. How long will it take your initial $85,000 investment to reach the desired level at First Bank, which pays simple interest? How long at Second Bank, which compounds interest monthly?
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Related Book For 
Essentials of Corporate Finance
ISBN: 978-0078034756
8th edition
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
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