3. You deposit $500 in a savings account that earns 3% interest per year. a. Copy and complete the tables that show the balances after 5 years with simple interest and compound interest. b. Which type of interest gives the greater balance? Simple Interest Compound Interest Annual Balance at Annual Balance at t Principal Principal Interest End of Year t and Interest Interest End of Year 1 $500 $15 $515 1 $500 $15.00 $515.00 2 $500 $15 $530 2 $515 $15.45 $530.45 3 3 A 4 5