1. Simple versus compound interest Aa Aa Financial contracts involving investments, mortgages, loans, and so on are based on either a fixed or a variable interest rate. Assume that fixed interest rates are used throughout this question. Mia deposited $1,400 at her local credit union in a savings account at the rate of 7.8% paid as simple interest. She will earn interest once a year for the next 13 years. If she were to make no additional deposits or withdrawals, how much money would the credit union owe Mia in 13 years? O $3,716.82 $209.20 $1,517.72 $2,819.60 Now, assume that Mia's credit union pays a compound interest rate of 7.8% compounded annually. All other things being equal, how much will Mia have in her account after 13 years? $3,716.82 $1,509.20 $2,819.60 O O $289.91 Before deciding to deposit her money at the credit union, Mia checked the interest rates at her local bank as well. The bank was paying a nominal interest rate of 7.8% compounded quarterly. If Mia had deposited $1,400 at her local bank, how much would she have had in her account after 13 years? O $1,512.44 O $321.36 O $209.20 O $3,821.77