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Simple Interest versus Compound Interest First City Bank pays 10% simple interest on its savings...

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Accounting

Simple Interest versus Compound Interest First City Bank pays 10% simple interest on its savings account balances; whereas, Second City Bank pays 10% interest compounded annually. If you made $6,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 10 years; and, what is the amount for First City Bank? What is the simple interest amount for First City Bank; What is the amount of compound interest for Second City Bank? So, which bank would earn the most interest/money

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