2. Simple versus compound interest 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. Zoe deposited $1,400 at her local credit union in a savings account at the rate of 8.2% paid as simple interest. She will earn interest once a year for the next 9 years, If she were to make no additional deposits or withdrawals, how much money would the credit union owe Zoe in 9 years? $2,845.60$1,524.21$214.80$2,433.20 Now, assume that Zoe's credit union pays a compound interest rate of 8.2% compounded annually. All other things being equal, how much will Zoe have in her account after 9 years? $1,514.80$2,845.60$2,433.20$233.34 Before deciding to deposit her money at the credt union, Zoe checked the interest rates at her local bank as well, The bank was paving a nominal interest rate of 8.2% compounded quarterly. If zoe had deposited $1.400 at her local bank, how much would she have had in her account after 9 years? $257.89 52,906.67 5214.80 $1,518,38