of $56,000 in each bank, how much more money would you earn from your Second City Bank account at the end of 9 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
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- 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 deposit of $15,000 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.)First City Bank pays 7.5 percent simple interest on its savings account balances, whereas Second City Bank pays 7.5 percent interest compounded annually. If you made a deposit of $8.600 in each bank, how much more money would you earn from your Second City Bank account at the end of eight years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Difference in accountsFirst 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 $74,000 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.) Difference in accounts < Prev 1 of 9 ... .. Next
- First City Bank pays 5 percent simple interest on its savings account balances, Second City Bank pays 5 percent interest compounded annually. If you made a deposit of $13,500 in each bank, how much more money would y from your Second City Bank account at the end of 11 years? (Do not round inter calculations and round your answer to 2 decimal places, e.g., 32.16.) DifferenceFirst 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 deposit of $14,500 in each bank, how much more money would you earn from your Second City Bank account at the end of 9 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) X Answer is complete but not entirely correct. Difference $ 0.00 XBank of Vancouver pays 7 percent simple interest on its savings account balances, whereas Bank of Calgary pays 7 percent interest compounded annually. If you made a $6,000 deposit in each bank, how much more money would you earn from your Bank of Calgary account at the end of 9 years? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
- First City Bank pays 7 percent simple interest on its savings account balances, whereas Second City Bank pays 7 percent interest compounded annually. If you made a deposit of $56,000 in each bank, how much more money would you earn from your Second City Bank account at the end of 9 years/ Whats the difference in accounts?Second Union Bank pays 5 percent simple interest on its savings account balances, whereas Third Street Bank pays 5 percent compounded annually. If you made a $12,000 deposit in each bank, how much more money would you earn from your Third Street Bank account at the end of 15 years? Do not use $ or commas. Use two decimalsIf you deposit $700 in a bank account that earns 5 percent per year, how much total interest will you have earned after the third year? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16)) Total Interest =
- Bank A pays 2% interest compoundedannually on deposits, while Bank B pays 1.75% compounded daily.a. Based on the EAR (or EFF%), which bank should you use?b. Could your choice of banks be influenced by the fact that you might want to withdraw your funds during the year as opposed to at the end of the year? Assume that your funds must be left on deposit during an entire compounding period in order to receive any interest.First National Bank charges 10.4 percent compounded monthly on its business loans. First United Bank charges 10.6 percent compounded semiannually. Calculate the EAR for each bank. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) First National Bank % First United Bank % As a potential borrower, which bank would you go to for a new loan?Old Time Savings Bank pays 6.50% interest on Its savings account. If you deposit $1,000 In the bank and leave it there: a. How much interest wil you earn in the first year? (Round your answer to 2 decimal places.) Finst year interest b. How much interest will you earn in the second year? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Second year interest c. How much interest will you earn in the tenth year? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Tenth year interest