Roberto just deposited $11,500 into his savings account at Security Savings Bank. The bank will pay .55 percent interest, compounded annually, on this account. How much interest on interest will he earn over the next 6 years?

$5.26

Explanation:

Given that,

Principle amount = $11,500

Interest rate = 0.55 percent

Time period = 6 years

For compound interest,

Future value = Present value ×

Future value = $11,500 ×

                     = $11,500 × 1.03345

                     = $11,884.76

Compound interest:

=  Future value - Principle amount

= $11,884.76 - $11,500

= $384.76

For Simple interest:

= Principle × Interest rate × Time period

= $11,500 × 0.0055 × 6

= $379.5

Hence, interest on interest:

= Compound interest - Simple interest

= $384.76 - $379.50

= $5.26

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