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Basic ( Questions 1 - 1 5 ) Simple Interest versus Compound Interest ( LO 1 ) Bank of Vancouver pays 7 % simple interest

Basic

(

Questions

1 - 15)

Simple Interest versus Compound Interest

(

1)

Bank of Vancouver pays

7 %

simple

interest on its savings account balances, whereas Bank of Calgary pays

7 %

interest.

compounded annually. If you made a $

6, 000

deposit in each bank, how much more money

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