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Marina CMI [18]
3 years ago
6

Art invested $100 two years ago at 8 percent interest. The first year, he earned $8 interest on his $100 investment. He reinvest

ed the $8. The second year, he earned $8.64 interest on his $108 investment. The extra $.64 he earned in interest the second year is referred to as:1. Free interest.2. Bonus income.3. Simple interest.4. Interest on interest.5. Present value interest.
Business
1 answer:
nikitadnepr [17]3 years ago
4 0

Answer:

Option 4- Interest on Interest

Explanation:

Look we earned $8 in the first year which we invested in the same business. Okay now we again earned 8% on this $100 and $8 invested in the second year. The 8% on the $8 is $0.64 which is the interest earned on the interest invested in the previous year.

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