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You are saving to buy a $181,000 house. There are two competing banks in your area...

You are saving to buy a $181,000 house. There are two competing banks in your area both offering certificates of deposit yielding 6.6%.

How long will it take your initial $98,000 investment to reach the desired level at First Bank which pays simple interest?

How long will it take your initial $98,000 to reach the desired level at Second Bank which compounds interest monthly?

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