Question 17 (CHAPTER 5) Bank #1 offers a 3% simple interest to all its depositors. Bank #2 offers also a 3% interest, but it has annual compounding. First question: If you deposit your money for a number of years, which of these two banks would you choose? Your answer: (pick the number that corresponds to the correct answer from the list below) #1 Bank #1 #2 Bank #2 #3 It doesn't matter Now, why is that? Your answer: (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 $7,000 today, and leave it in the account for 15 years, how much will you have at the end of 15 years in Bank #1? Your answer: If, instead, you choose Bank #2, how much will you have in 15 years? Your