Scved First City Bank pays 8 percent simple Interest on its savings account balonces, vhereas Second City Bank pays 8 percent Interest compounded annually If you made a S71,000 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 Intermediote calculationc. and round your answer to 2 decimal places, e.g..32.16.) Difference in accounts

Scved First City Bank pays 8 percent simple Interest on its savings account balonces, vhereas Second City Bank pays 8 percent Interest compounded annually If you made a S71,000 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 Intermediote calculationc. and round your answer to 2 decimal places, e.g..32.16.) Difference in accounts

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 10PROB

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