(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. pick the number that corresponds to the correct First question: If you deposit your money for a number of years, which of these two banks would you choose? Your answe v #1 answer from the list below) #2 #1 Bank #1 #3 $10,800.00 #2 Bank #2 $12,000.00 #3 It doesn't matter $14,327.81 $15,919.79 Now, why is that? Your answer: v (pick the number that corresponds to the correct explanation from the list below) #1 You would earn a higher amount of interest over the years #2 You would earn a lower amount of interest over the years #3 You would earn the same 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? Your answer: If, instead, you choose Bank #2, how much will you have in 20 years? Your