Foundations of Mathematical Reasoning Version 3.0 (2020) Student Pages The following question should be printed out, completed, and placed in your binder. 16) Some checking accounts pay a small amount of interest on the money in the account. In this case, interest is money that is paid to the account holder by the financial institution issuing the checking account. The interest is a percentage of the amount of money in the account. The percentage is called the annual percentage rate. You have $1,000 to deposit in the account for 1 year. Compare the following two offers. o Bank of Avalon pays 0.8% with no annual fee. o Cypress Savings pays 1.5%, but charges a $10 annual fee. Which is the better offer? Show your work and then write a one- or two-sentence conclusion. A )