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First City Bank pays 8% simple interest on its savings account balances, whereas Second City Bank pays 8% interest compounded annually. If you deposit $61,000
First City Bank pays 8% simple interest on its savings account balances, whereas Second City Bank pays 8% interest compounded annually. If you deposit $61,000 in each bank, how much more money would you earn from your Second City Bank account at the end of 9 years? 6a. At 6.80% interest how will it take to double your money? 6b. At 6.80% interest how will it take to quadruple your money?
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