Question: 1 and 2. for question 2 only use years 9 and 11 1. Simple Interest versus Compound Interest First City Bank pays 7.2 percent simple

1 and 2. for question 2 only use years 9 and 11

1. Simple Interest versus Compound Interest First City Bank pays 7.2 percent simple interest on its savings account balances, whereas Second City Bank pays 7.2 percent interest compounded annually. If you made a deposit of $7,300 in each bank, how much more money would you earn from your Second City Bank account at the end of eight years? 2. Calculating Future Values For each of the following, compute the future value: Present Value Years Interest Rate Future Value $ 2,597 14 13% 7,834 9 81,286 11 12

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