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The Simple Bank offers a 6 percent simple interest on deposited money. The Not-So- Simple Bank pays 6 percent interest on deposited money, compounded annually.
The Simple Bank offers a 6 percent simple interest on deposited money. The Not-So- Simple Bank pays 6 percent interest on deposited money, compounded annually. You can deposit your money in either one of these two banks. If your deposit equals $60,000, by how much more will your money grow if you deposit it into The Not-So- Simple Bank, rather than The Simple Bank, for a total of 10 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
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