Let's begin to look for a difference between simple interest and compound interest. Recall that simple interest only earns interest on the amount invested while compound interest earns interest on the money ir the account. You invest $7,000 in an account. It pays 6% interest. Fill in the table. (Hint: For compound interest, use the simple interest formula the previous amount in the compound interest column, and t = 1. Round your answers to the nearest cent.) Total Amount, in dollars, in the Account with a simple interest Total Amount, in dollars, in the Account with a Compound Interest 1 year $ 7,000 $ 7,840 2 years $7,840 $ 8,310.40 3 years S $8,337.11