2. Simple versus compound interest Financial controcts involving investments, mortgages, loans, and so on are based on either a foced or a variable interest rate. Assume that fored interest rotes are used throughout this question. Heather deposited $1,700 at her local credit unach in a savings account at the rate of 9,8% paid as simple interest. She will earn interest once a vear for the next 13 years. If she were to make no additional deposits or withdrawals, how much money would the eredit union owe Heather in 13 years? 53,865.80=5266.60$1,882.93$5,731.65 Now, assume that Heather's credit anian pays a compound interest rate of 9.8% compounded annually, All ather things being equal, how much will Heather have in her account after 13 years? $5,731.65$3,865.80 $1,966.60$561.70 Before deciding to deposit her money at the credit union, Heather checked the interest rates at her local bank as wel . The bank was payng a nominal interest sate of 9.8% compounded quarterly. If Heather had deposited $1,700 at her local bank, how much would she have had in her account aftor 13 years? $5,985.09$266.60$1,872.82$644.03