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Third City Bank pays 11.42% with simple interest on its savings accounts, while Fourth City Bank pays 11.42% but with compound interest paid semi- annually

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Third City Bank pays 11.42% with simple interest on its savings accounts, while Fourth City Bank pays 11.42% but with compound interest paid semi- annually (both rates are APR). If you made a deposit of $5,000 into Third City Bank, and a deposit of $5,000 Into Fourth City Bank, and were invested for ten years, which of the following is correct? 0 You would have $7,325.69 more in your Fourth City Bank account. 0 You would have $9,470.69 more in your Fourth City Bank account You would have $9,470.69 more in your Third City Bank account. You would have $4,033.53 more in your Fourth City Bank account. You would have $4,470.69 more in your Fourth City Bank account. O You would have the same amount in each bank. You would have $4,470.69 more in your Third City Bank account. You would have $3,646.01 more in your Fourth City Bank account

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