(CHAPTER 5) Bank #1 offers a 5% simple interest to all its depositors. Bank #2 offers also a 5% interest, but it has annual compounding inding. ANAL If you deposit your money for a number of years, which of these two banks would you choose? It doesn't matter Bank #1 Bank #2 Now, why is that? . You would earn a lower amount of interest over the years You would earn the same amount of interest over the years You would earn a higher amount of interest over the years Now, let's calculate! (Increase decimal places for any intermediate calculations, from the default 2 to 6 or higher. Only round your final answer to TWO decimal places: for example, $10,000.23.) So, if you deposit $6,000 today, and leave it in the account for 20 years, how much will you have at the end of 20 years in Bank #1? $10,800.00 $12,000.00 $14,327.81 $15,919.79 If, instead, you choose Bank #2, how much will you have in 20 years? $15,919.79 $14,327.81 $12,000.00 $10,800.00