Question: Problem 5-1 Simple Interest versus Compound Interest [LO1] First City Bank pays 7 percent simple interest on its savings account balances, whereas Second City Bank

Problem 5-1 Simple Interest versus Compound Interest [LO1] 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 $62,000 deposit in each bank, how much more money would from your Second City Bank account at the end of 9 years? (Do not round inte calculations and round your answer to 2 decimal places, e.g. 3216.) ear Difference in accounts

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