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2020 2021 2% 2022 9% 1% 4% 4% 4% Andover Bank and Lowell Bank each soll one-year certificates of deposit (CDs). The interest rates on

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2020 2021 2% 2022 9% 1% 4% 4% 4% Andover Bank and Lowell Bank each soll one-year certificates of deposit (CDs). The interest rates on these cos are given in the table below for a three-year period Bank Andover Bank Lowell Bank Suppose you deposit $1,000 in a CD in each bank at the beginning of 2020. At the end of 2020, you take your $1,000 and any interest earned and invest it in a CD for the following year. You do this again at the end of 2021 At the end of 2022, the interest over this three-year period at Andover Bank is $. (Enter your response rounded to the nearest ponny.) At the end of 2022, the interest over this three-year period at Lowell Bank is $(Enter your response rounded to the nearest penny.) At the end of 2022, you will have earned more on your Bank CD, because O A. even a modest increase in the interest rate compounded over time will make the eamings higher B. the average rate of interest charged by Andover is less than the average rate of interest charged by Lowell, Octal depends on which bank has the higher interest rate in the beginning OD. Lowell Bank uses compound interest calculation: Andover does not

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