Solved: Simple interest vs compound interest, Finance Basics

Simple interest vs compound interest

Problem:

First City Bank pays 6 percent simple interest on its savings account balances, whereas Second City Bank pays 6 percent interest compounded annually. If you made a $38,000 deposit in each bank, you would earn $ ??? more from your Second City Bank account at the end of 7 years.

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Finance Basics: Simple interest vs compound interest

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