Johnny deposited $1000 in his savings account last year and earned $50 in interest. He has decided to leave the $50 in the account so that he can earn interest on the $50 this year. Assuming the interest rate does not change, how much will be the interest earned on last year's interest earnings (interest on interest)? Answer: $ (round to two decimals, do not use "$", e.g. 1.23)