Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. first city bank pays 8 percent simple interest on

First City Bank pays 8 percent simple interest on its savings account balances, whereas Second...

90.2K

Verified Solution

Question

Finance

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 $68,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 8 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

What is the area of the figure below 3 5 cm Select one a 56...

Geometry
Q

A blog surveyed 96 college students regarding which popular search engines they use regularly in...

Basic Math
Q

Let f x sin x Find the exact value of the following expression Do not...

Basic Math
Q

5 Approximately how many feet tall is the streetlight a 12 8 b 15 4...

Calculus
Q

1 point Convert the following radian measures to degree measures 1 2 2 ST 3...

Calculus
Q

Which of the following is an equivalent expression to fog x O g f x...

Calculus
Q

7 Simplify the following complex number without changing the polar form and leave your answer...

Algebra
Q

Huron Company produces a commercial cleaning compound known as...

Accounting
Q

Exercise 16-33 Depreciation Tax Shield (Section 2) (LO 16-4, 16-5) Sharpe Machining Company purchased Industrial...

Accounting
Q

Current Attempt in Progress (Activity ratios) The following financial information is for Ambroise...

Accounting
Q

Lizana Clinic uses client-visits as its measure of activity. During December, the clinic budgeted for...

Accounting
Q

please help with 3 and 4 need help with number 3 and 4. i...

Accounting