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Simple Interest versus Compound Interest First City Bank pays 7.7 percent simple interest on its savings account balances, whereas Second City Bank pays 7.7 percent interest compounded annually. If...

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Simple Interest versus Compound Interest First City Bank pays 7.7 percent simple interest on its savings account balances, whereas Second City Bank pays 7.7 percent interest compounded annually. If you made a $7,800 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 10 years?

Answered 188 days After May 04, 2022

Solution

Nitish Lath answered on Nov 08 2022
49 Votes
Calculation of amount using simple interest from First city bank
Interest = Principal*rate*time/100
= $7800*7.7%*10
= $6006
Total amount to be received after 10 years = $7800+ $6006
= $...
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