Problem 5-1 Simple Interest versus Compound Interest [L01] First City Bank pays 7 percent simple interest on its savings account balani Second City Bank pays 7 percent interest compounded annually. If you ma of $59,000 in each bank, how much more money would you earn from your Bank account at the end of 9 years? (Do not round intermediate calculatior your answer to 2 decimal places, e.g., 32.16.) Answer is complete but not entirely correct