Question: Need help asap Problem 4-1 Simple Interest versus Compound Interes LO 1) First City Bank pays 7 percent simple interest on its savings account alances,

Need help asap
Need help asap Problem 4-1 Simple Interest versus Compound Interes LO 1)

Problem 4-1 Simple Interest versus Compound Interes LO 1) First City Bank pays 7 percent simple interest on its savings account alances, whereas Second City Bank pays 7 percent interest compounded annually. If you made a deposit of $16,500 in each bank, how much more money would you earn from your Second City Bank account at the end of 12 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Difference

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