Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. first city bank pays 7 percent simple interest on

First City Bank pays 7 percent simple interest on its savings account balances, whereas Second...

70.2K

Verified Solution

Question

Finance

image

image

image

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 deposit of $14,000 in each bank, how much more money would you earn from your Second City Bank account at the end of 12 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Difference For each of the following, compute the future value: (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Years Future Value Interest Rate 12 % 10 Present Value $ 2,950 8,853 93,305 231,382 23 10 17 5 33 3 3 For each of the following, compute the present value: (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Present Value Years 12 4 Interest Rate Future Value 4 %$ 18,528 9 42,717 12 802,382 11 659,816 16 21

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

Consider the following cash flows on two mutually exclusiveprojects for the Bahamas Recreation Corporation...

Mechanical Engineering
1.2K views

Convection Heat transfer internal flow Consider water flowing in a heated tube. The tube is 14...

Biology
1.2K views

The ant Myrmecia pilosula is found in Australia where it is called a bulldog ant...

Physics
1.2K views

The wavelengths 40 195 per second separately with a third note of fixed frequency The...

Physics
1.2K views

13 A particle executing SHM while moving from one extremity is found at distance x...

Basic Math
1.2K views

Which is true regarding secants and chords?Chords intersect the perimeter of a circle at two...

Accounting
1.2K views

Blanton Plastics, a household plastic product manufacturer, borrowed $14 million cash on October...

Accounting
1.2K views

Colleen sells its products at $260 per unit. The firm's gross margin ratio is 20%....

Accounting
1.2K views

CH. 2 #16 Help with 1 & 2 would be greatly appreciated. Thanks! ...

Accounting
1.2K views

William isi a propreitor who uses the cash method of accounting. During the current year,...

Accounting
1.2K views

Tune Tones Instrument Tuning Company owes Mandy Lynn's Music Studio $5,280 as of November 1....

Accounting
1.2K views

g. Lindsey Legal Services has incurred $700 of interest expense on a $800 interest payment...