How much more would the second city bank account be worth, Financial Accounting

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How much more would the second city bank account be worth

Problem

First City Bank pays 4 percent simple interest on its savings account balances, whereas Second City Bank pays 8.7 percent interest compounded annually. If you made a $677 deposit in each bank, how much more would the Second City Bank account be worth than the First City Bank account at the end of 8 years?

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Financial Accounting: How much more would the second city bank account be worth

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