LO 1 2. Calculating Future Values for each of the following, compute the future value: Present Value Years Interest Rate Future Value $ 2,960 7.846 85,381 221,614 7 16 19 26 13% 7 9 5 > BASIC (Questions 1-15) LO 1 1. Simple Interest versus Compound Interest First City Bank pays 7 percent simple interest on its savings account balances, whereas Second City Bank pays 7 percent interest compounded annually. If you made a deposit of $7,900 in each bank, how much more money would you earn from your Second City Bank account at the end of 10 years