deposit yielding 6.4 You are saving to buy a $179,000 house. There are two competing banks in your area, both offering certificates of percent. Requirement 1: How long will it take your initial $96,000 investment to reach the desired level at First Bank, which pays simple interest? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16)). Requirement 2: How long will it take your initial $96,000 investment to reach the desired level at Second Bank, which compounds interest monthly? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16)).
deposit yielding 6.4 You are saving to buy a $179,000 house. There are two competing banks in your area, both offering certificates of percent. Requirement 1: How long will it take your initial $96,000 investment to reach the desired level at First Bank, which pays simple interest? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16)). Requirement 2: How long will it take your initial $96,000 investment to reach the desired level at Second Bank, which compounds interest monthly? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16)).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:deposit yielding 6.4
You are saving to buy a $179,000 house. There are two
competing banks in your area, both offering
certificates of
percent.
Requirement 1: How long will it take your initial
$96,000 investment to reach the desired level at First
Bank, which pays simple interest? (Enter rounded
answer as directed, but do not use rounded numbers
in intermediate calculations. Round your answer to 2
decimal places (e.g., 32.16)). Requirement 2: How long
will it take your initial $96,000 investment to reach the
desired level at Second Bank, which compounds
interest monthly? (Enter rounded answer as directed,
but do not use rounded numbers in intermediate
calculations. Round your answer to 2 decimal places
(e.g., 32.16)).
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