First city bank pays 7 simple interest on its savings, Financial Management

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First city bank pays 7 simple interest on its savings

1. First City Bank pays 7% simple interest on its savings account balances, whereas Second City Bank pays 7% compounded annually. If you made a $6,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 9 years?

2. At 6.5 percent interest, how long does it take to quadruple your money?

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