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

54 55 An organic compound A contains 20 C 46 66 N and 6 66...

Physics
Q

Application of Laplace transformation in finance

Advance Math
Q

Make a Risk Management Plan for your Valuable IT Assets at Home . a. Identify Assets and...

Operations Management
Q

O Five beats are produced by simultaneously blowing two closed organ pipes of different lengths...

Physics
Q

9 You have a 13 foot long ladder and need to climb to a 12...

Geometry
Q

7 y f x 1 f x

Basic Math
Q

Question 4 Find the unit price If necessary round your answer to the nearest cent...

Basic Math
Q

P A1 A ABC has been rotated 360 degrees 180 degrees 90 degrees 270 degrees...

Algebra
Q

At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net...

Accounting
Q

CC7-1 Accounting for Changing Inventory Costs [LO7-3, LO7-5] In October, Nicole of Nicole's...

Accounting
Q

Question 6 What should be the price of a bond which does not have coupons...

Finance
Q

Your sister is going to put savings away for a total of 21 years. Every...

Finance