First Mark Bank & First Mullineaux Bank: Simple Interest versus Compound Interest.
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Simple Interest versus Compound Interest. First Mark Bank pays 6 percent simple interest on its savings account balances, whereas First Mullineaux Bank pays 6 percent interest compounded annually.
If you made a $5,000 deposit in each bank, how much more money would you earn from your First Mullineaux Bank account at the end of 10 years?
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First Mark Bank:
Interest earned = $5,000 x 6% x 10 years
= $3,000
First Mullineaux Bank:
(Compound ...
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