A lump sum deposit of $8,000 left in the bank for 12 years at 9% compounded annually will result in an ending balance of select the closest answer) O $11,600 O $52.938. O $16,640 O $96,000 O $22,501 D Question 13 4 pts If interest on a savings account is compounded semiannually, the effective rate of interest will O lower than the nominal rate. O equal to the nominal rate. O the same as the simple rate, O higher than the nominal rate. lower than the simple rate