Problem 5-1 Simple Interest versus Compound Interest (LO1] 7 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 $73,000 deposit 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 ok ht nces work 4 0 Chapter 05 Practice Test Question 16 5. You just inherited $10,100 which you are investing at 75 percent interest. How long will you have to wait until your account reaches a value of $18,000? Multiple Choice ok ht O 7.45 years nces 9.04 years 7.99 years 8.83 years ztomheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUnt=https352 newcom work 4 Chapter 05 Practice Test Question 14 7 Your parents purchased a farm 57 years ago at a cost of $6,100. Today, that farm could be sold to a land developer for $4.8 million. What was the annual percentage increase in the value of the farm? Multiple Choice 12.41 percent ces O 15.60 percent 9.69 percent 19.49 percent ztomheducation.com/ext/map/index.html?_con=con&external_browser=0&launch Url=https%253A%252F%252Fnew work 4 Chapter 05 Practice Test Question 14 7 Your parents purchased a farm 57 years ago at a cost of $6,100. Today, that farm could be sold to a land developer for $4.8 million. What was the annual percentage increase in the value of the farm? Multiple Choice k 1241 percent ces 15.60 percent 9.69 percent 19.49 percent