Problem 1:\ Suppose you deposit

$550

into an account paying

8%

annual interest. You decide to keep your money in that account for 10 years. Fill out the following tables for two scenarios:\ Q1. Assume the account is paying simple interest - meaning earned interest is not reinvested.\ \

Problem 1: Suppose you deposit $550 into an account paying 8% annual interest. You decide to keep your money in that account for 10 years. Fill out the following tables for two scenarios: Q1. Assume the account is paying simple interest - meaning earned interest is not reinvested. Q2. Assume the account is paying compound interest - meaning earned interest is reinvested and earns its own interest