Question: Simple Interest versus Compound Interest [ LO 1 ] : First City Bank pays 7 . 5 percent simple interest on its savings account balances,

Simple Interest versus Compound Interest [LO1]: First City Bank pays 7.5 percent simple interest on its savings account balances, whereas Second City Bank pays 7.5 percent interest compounded annually. If you made a deposit of $8,600 in each bank, how much more money would you earn from your Second City Bank account at the end of eight years?

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