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. Addison deposited $1, 200 at her local credit union in a savings account at the rate of 7.8% paid as simple interest. She will earn interest once a year for the next 11 years. If she were to make no additional deposits or withdrawals, how much money would the credit union owe Addison in 11 years? $1, 300.90 $193.60 $2, 741.50 $2, 229.60 Now, assume that Addison's credit union pays a compound interest rate of 7.8% compounded annually. All other things being equal, how much will Addison have in her account after 11 years $213.84 $2, 741.50 $2, 229.60 $1, 293.60 Before deciding to deposit her money at the credit union, Addison checked the interest rates at her local bank as well. The bank was paying a nominal Interest rate of 7.8% compounded quarterly. If Addison had deposited $1, 200 at her local bank, how much would she have had in her account after 11 years? $236.01 $2, 806.85 $193.60 $1, 296.37