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Calculating the number of periods you are saving to buy a

Question: Calculating the Number of Periods. You are saving to buy a $235,000 house. There are two competing banks in your area, both offering certificates of deposit yielding 4.8 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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Finance Basics: Calculating the number of periods you are saving to buy a

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