Question: Problem 4 - 1 Simple Interest versus Compound Interest First City Bank pays 7 percent simple interest on its savings account balances, whereas Second City

Problem 4-1 Simple Interest versus Compound Interest
First City Bank pays 7 percent simple interest on its savings account balances, whereas Second City Bank pays 7 percent interest compounded annually. If you made a deposit of $73,000 in each bank, how much more money would you earn from your Second City Bank account at the end of 9 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.)
Difference in accounts
Problem 4 - 1 Simple Interest versus Compound

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