3. Simple versus compound interest Aa Financial contracts involving investments, mortgages, loans, and so on are based on either a fixed or a var interest rate. Assume that fixed interest rates are used throughout this question. Zoe deposited $900 in a savings account at her bank. Her account will earn an annual simple interest rate of 9%. If she makes no additional deposits or withdrawals, how much money will she have in her account in 13 years? O $988.29 O $181.00 O $1,953.00 O $2,759.22 Now, assume that Zoe's savings institution modifies the terms of $1,953.00 her account and agrees to pay 9% in compound interest on her $981.00 $900 balance. All other things being equal, how much money will$2,759.22 Zoe have in her account in 13 years? O $248.33 Suppose Zoe had deposited another $900 into a savings account at a second bank at the same time. The sece bank also pays a nominal (or stated) interest rate of 9% but with quarterly compounding. Keeping everything constant, how much money will Zoe have in her account at this bank in 13 years? O $181.00 O $983.77 O $2,862.43 O $280.80