How much more money would you earn from your Second City Bank account at the end of eight years is $1,577.91.
First step:
Simple Interest from first bank = $8600 ×7.5%×8
Simple Interest from first bank= $5160
Second step:
Compound Interest from second bank = $8600 (1 + (0.075/1) ^1×8
Compound Interest from second bank = $15,337.91
Third step:
Interest gained from second bank = $15,337.91– $8600
Interest gained from second bank = $6,737.91
Fourth step:
Extra money earned through compound interest = $6,737.91-$5,160
Extra money earned through compound interest=$1,577.91
Inconclusion how much more money would you earn from your Second City Bank account at the end of eight years is $1,577.91.
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