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QUESTION
First City Bank pays 7 percent simple interest on its savings account balances, whereas Second City Bank pays 7 percent interest compounded annually....
First City Bank pays 7 percent simple interest on its savings account balances, whereas Second City Bank pays 7 percent interest compounded annually.
If you made a $70,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 9 years?
