Problem $5-1$ 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 annually. If you made a deposit of $$62,000$ 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$.,32\mathrm{.}16.)$

Difference in accounts