3.Harry has just received an insurance settlement of $5,040. He wants to save this money

until his daughter goes to prep school 6 years from now. He can earn an average of 3.12

percent, compounded annually, on his money. Round your answers to the nearest cent.

a. How much total interest will he have earned by the time his daughter

starts school?Assume he makes no further deposits or withdrawals.

b.How much of this total interest is"interest on interest"and how much is

"interest on principal"?