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The Simple Bank offers a 8 percent simple interest on deposited money. The Not-So-Simple Bank pays 8 percent interest on deposited money, compounded annually. You

The Simple Bank offers a 8 percent simple interest on deposited money. The Not-So-Simple Bank pays 8 percent interest on deposited money, compounded annually. You can deposit your money in either one of these two banks. If your deposit equals $58,000, 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 8 years?

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