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First National Bank pays 4 percent simple interest on its savings account balances. The Best National Bank pays 4 percent interest compounded annually. If you
First National Bank pays 4 percent simple interest on its savings account balances. The Best National Bank pays 4 percent interest compounded annually. If you deposit $15,000 in each bank, how much in interest would you have earned from each bank at the end of 12 years?
Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.
First National Bank: $
Best National Bank: $
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