Basic (Questions 1-15) 1. Simple Interest versus Compound Interest (LO1) Bank of Vancouver pays 7% simple interest on its savings account balances, whereas Bank of Calgary pays 7% interest compounded annually. If you made a $6,000 deposit in each bank, how much more money would you earn from your Bank of Calgary account at the end of nine years? 2. Calculating Future Values (LO1) For each of the following, compute the future value