Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. first city bank pays 5 percent simple interest on

First City Bank pays 5 percent simple interest on its savings account balances, whereas Second...

60.1K

Verified Solution

Question

Finance

image

First City Bank pays 5 percent simple interest on its savings account balances, whereas Second City Bank pays 5 percent interest compounded annually. If you made a deposit of $17,500 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.) Difference $ 1,355 47

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

Q

Given a standard normal variable, what is the probability Z is greater than 1.25? Round to...

Basic Math
Q

A distance runner tears a tendon and cannot continue to be competitive. The now former runner...

Medical Sciences
Q

Explain the difference between the different types of vessels in the body, including their characteristics.

Medical Sciences
Q

An infinitely long line of charge has a linear charge density of 5.50×10−12 C/m . A...

Physics
Q

how do you do quantity take offs?

Civil Engineering
Q

A copy machine acquired with a cost of $1,410 has an estimated useful life of 4...

Accounting
Q

If JK 9w 67 and GI 2w 12 what is the value of w G...

Geometry
Q

Consider the following function on the given domain R x x 8 9 x 8...

Algebra
Q

Find the variation constant and an equation of variation for the given situation 1 y...

Algebra
Q

Interest on partners capital is calculated on the? a. Opening balance of capital and additional...

Accounting
Q

In 2021, the controller of Sytec Corporation discovered that $46,000 of inventory purchases were incorrectly...

Accounting
Q

9-2 Comparing payback period and discounted payback period Nielsen, Inc is...

Finance