First City Bank pays 7 percent simple interest on its savings account balances, whereas Second City Bank
Question:
First City Bank pays 7 percent simple interest on its savings account balances, whereas Second City Bank pays 8 percent interest compounded annually. If you made an $8,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 10 years?
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Step by Step Answer:
The simple interest per year is 8000 007 560 So after 10 years you will have 56...View the full answer
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Chiranjib Thakur
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Related Book For 
Essentials Of Corporate Finance
ISBN: 9780073382463
7th Edition
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
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