The principal amount is $1,000. A) If the interest rate is 8% per year compound interest rate, what is the interests earned for each of the next 3 years? B) If the interest rate is 6% per year simple interest rate, what is the interests earned for each of the next 3 years? Show your calculation to get full points. Question 12 (12 points) If Tom deposit $10,000 to Bank A with simple interest rate of 2% per quarter for 5 years. How much in total will he get at the end of year 5? If Matt deposit $10,000 to Bank B with compound interest rate of 2% per quarter for 5 years. How much in total will he get at the end of year 5? Please explain the difference between the amount that Tom and Matt get? Show your calculation to get full points