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Chapter Problems First City Bank pays 7 percent simple interest on its savings, business and finance help
Subject
Business Finance
Question Description
Answer the questions and problems fully and completely, show all calculations not just the end answer, utilize problems and concepts from chapter material in answering your questions.
1. 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 $6,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of nine years?
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