You want to deposit $2,500 now into a savings account for 5 years. The Simple bank offers 9% per year with simple interest and the Compound bank offers 8% per year with monthly compounding. Which bank would you prefer and why?
a. The Simple bank because it offers an additional $121.95 in interest.
b. The Simple bank because it offers an additional $35.66 in interest.
c. The Compound bank because it offers an additional $48.32 in interest.
d. The Compound bank because it offers an additional $99.61 in interest.