You are saving to buy a $188,000 house. There are two competing banks in your area, both offering certificates of deposit yielding 7.3 percent. How long will it take your initial $105,000 investment to reach the desired level at First Bank, which pays simple interest? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Respuesta :

Answer:

n = 24.53

Explanation:

Simple interest investment ; A = P *N*I

                                             ; $188,000= $105,000*0.073*n

                                             ; $188000 =7665n

                                             ;$188000/$7665 = n

                                             ; n =24.53