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Part 1- First City Bank pays 8 percent simple interest on its savings account balances, whereas Second City Bank pays 8 percent interest compounded

Part 1- First City Bank pays 8 percent simple interest on its savings account balances, whereas Second City Bank pays 8 percent interest compounded annually. If you made a deposit of $10,500 in each bank, how much more money would you earn from your Second City Bank account at the end of 10 years? Please round your answer to 2 decimal places Part 2- Please compute the present value Present Value Years Interest Rate Future Value 9 7% $ 19,228 1 12 43,417 13 15 809,382 18 14 666,816

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