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

Problem 4-1 Simple Interest versus Compound Interest LO 1 First City

Problem 4-1 Simple Interest versus Compound Interest LO 1 First City Bank pays 7 percent simple interest on its savings account balances, whereas Second City Bank pays 7 percent interest compounded annuay Difference s If you made a deposit of $16.000 in each bank, how much more money would you earn fom your Second City Bank account at the end of 11 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g.32.16.)

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