Simple interest on its savings account balances

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Reference no: EM131850126

First City Bank pays 7.5 percent simple interest on its savings account balances, whereas Second City Bank pays 7.5 percent interest compounded annually. If you made a $7,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 10 years?

Reference no: EM131850126

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