Simple interest on savings account balances

Assignment Help Financial Management

Reference no: EM131964829

First City Bank pays 6 percent simple interest on its savings account balances, whereas Second City Bank pays 6 percent interest compounded annually.

If you made a deposit of $17,000 in each bank, how much more money would you earn from your Second City Bank account at the end of 9 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Difference $

Reference no: EM131964829

Questions Cloud

Private-sector collective bargaining : What are the most important differences between public- and private-sector collective bargaining?

How does technology impact our mapping skills : How does technology impact our mapping skills? 150 words, references. The response must be typed, single spaced.

Local delivery company has purchased delivery truck : A local delivery company has purchased a delivery truck for $19,000. If the company plans to keep the truck only two years, what is the net present worth?"

Civil aerospace global strategy and advice on future : Focusing on the civil aerospace sector critically evaluate rolls Royce's civil aerospace global strategy and advice on its future strategy including references

Simple interest on savings account balances : First City Bank pays 6 percent simple interest on its savings account balances, whereas Second City Bank pays 6 percent interest compounded annually.

Write about the given statement : We have to consider that storing every detail of every single experience we have would be far too overwhelming and consuming for our brains!

Organizing a meeting must be undertaken with culturally : All communication with participants relating to organizing a meeting must be undertaken with culturally appropriate communication techniques.

Explain how python programming language will use a function : Explain how the Python programming language will use a function to display the following statement on the screen: I am programming.

What is the present value of the proceeds from the bond : What is the present value of the proceeds from the bond? What is the real interest rate?

User Account

All Pages