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First City Bank pays 6 percent simple interest on its savings account balances, whereas Second City Bank pays 6 percent interest compounded annually. If you

First City Bank pays 6 percent simple interest on its savings account balances, whereas Second City Bank pays 6 percent interest compounded annually. If you made a $60,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 1 years?

$96,000 $ 0.00 $3,600 $107,450.86 $11,450.86

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