Simple interest versus compound interestfirst city bank, Ask an Expert

Finance

Simple Interest versus Compound Interest

First City Bank pays 6 percent simple interest on its savings account balances, whereas Second City Bank pays 6 percent interest compounded annually.

If you made a $66,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 10 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Difference in accounts $

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92796445

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