5. For $1,000 principal amount, and 5% per year compound interest rate, what is the interests earned for each of the next 3 years? Check your answer: Year 1: $50; Year 2: $52.50; Year 3: $55.13 (15 points) Show your calculation to get full points. Year 1: Year 2: Year 3: 2. For principal of $500, simple interest rate of 5% per year, what is the interest for each of the next 3 years? (15 points) Show your calculation to get full points. Year 1: Year 2: Year 3