Tara sold her Volkswagen and placed $9,500 in a savings account paying annual compound interest of 5.5%. a) Calculate the amount of money that will have accrued if she leaves the money in the bank for 1, 3 and 5 years. b) Calculate the amount of money that will have accrued if the interest rate changed to 6% and paid only simple interest for 1, 3 and 5 years. c) After your calculations did compound or simple interest gain more money in years 1, 3, 5?

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