Question: 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

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 $5,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 10 years?

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