: Bank X pays 10% simple interest on its savings account balances, whereas Bank Y pays 8% compounded interest annually. If you have a $5,000 deposit in each bank and decided to keep these deposits for ten years. Which bank will give you more interest after 10 years deposit, and how much? 1. O Bank X, will pay $7,968.7 more interest 2. O Bank Y, will pay $794.6 more interest 3. O Bank X, will pay $2174.09 more interest 4. O Bank Y, will pay $ 6094.97 more interest