Kimberly Young deposited $3,500 today in an account paying 6 percent interest annually. (If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to the nearest penny.) What would be the simple interest earned on this investment in 5 years?

Simple interest on investment

With annual compounding, how much interest-on-interest would Kimberly earn in 5 years?

intrest-on-intrest