Bank of Vancouver pays 7 percent simple interest on its savings account balances, whereas Bank of Calgary pays 7 percent interest compounded annually.

If you made a $6,000 deposit in each bank, how much more money would you earn from your Bank of Calgary account at the end of 9 years? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Answer rating: 100% (QA)

Simple interest per year is 6000 x 007 420 So after 9 ye... View the full answer