Attempts: Do No Harm: 3 1. Simple versus compound interest Aa Aa Financial contracts involving investments, mortgages, loans, and so on are based on either a fixed or a variable interest rate. Assume that fixed interest rates are used throughout this question Ava deposited $800 in a savings account at her bank. Her account will earn an annual simple interest rate of 9.4%. If she O $1,627.20 makes no additional deposits or withdrawals, how much money $2,149.22 will she have in her account in 11 years? O $175.20 O $882.27 Now, assume that Ava's savings institution modifies the terms of her account and agrees to pay 9.4% in compound interest on her $800 balance.All other things being equal, how much money will Ava have in her account in 11 years? $2,149.22 O $202.03 $1,627.20 O $875.20 Suppose Ava had deposited another $800 into a savings account at a second bank at the same time. The second bank also pays a nominal (or stated) interest rate of 9.4% but with quarterly compounding. Keeping everything else constant, how much money will Ava have in her account at this bank in 11 years? $877.89 O $228.62 o $175.20 O $2,223.08