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  3. 1. simple interest versus compound interest [lo1]

1. Simple Interest versus Compound Interest [LO1] First City Bank pays 8 percent simple interest...

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Finance

1. Simple Interest versus Compound Interest [LO1] First City Bank pays 8 percent simple interest on its savings account balances, whereas Second City Bank pays 8 percent interest compounded annually. If you made a deposit of $9,000 in each bank, how much more money would you earn from your Second City Bank account at the end of seven years?

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