You invested $20,000 in two different banks. Bank 1 pays 5 percent simple interest whereas Bank 2 pays 5 percent compounded annually. If you plan to invest the money for 20 years which bank would you choose and how much more money would you earn? Bank 1; $33,065.95 Bank 1: $13,065.95 Bank 2: $13,065.95 Bank 2: $33,065.95 Bank 2: $14,965.95