Sharon Lee deposited $2,900 today in an account paying 7 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 Sharon earn in 5 years? Interest-on-interest tA You are going to deposit $650 in a bank CD today, and you will withdraw the money only once the balance is $1,000. If the bank pays 6 percent interest, how long will it take for the balance to reach $1,000? (If you solve this problem with algebra round intermediate calculations to 4 decimal places, in all cases round your final answer to 1 decimal place, e.g. 5.4.) Balance will reach $1,000 in years