Question: Problem 4-1 Simple Interest versus Compound Interest [LO 1] First City Bank pays 5 percent simple interest on its savings account balances, whereas Second City

Problem 4-1 Simple Interest versus Compound Interest [LO 1] First City Bank pays 5 percent simple interest on its savings account balances, whereas Second City Bank pays 5 percent interest compounded annually. If you made a deposit of $9,500 in each bank, how much more money would you earn from your Second City Bank account at the end of 9 years?

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