How much more money would earn from second city bank

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Reference no: EM13328087

First 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 $65,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 8 years?

At 6.90 percent interest, how long does it take to double your money?

At 6.90 percent interest, how long does it take to quadruple it?

Reference no: EM13328087

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