How much interest on interest will she have earned

Reference no: EM13257473

Elaine has just received an insurance settlement of $25,000. She wants to save this money until her daughter goes to college 4 years from now. If she can earn an average of 6.5 percent, compounded annually, how much interest on interest will she have earned by the time her daughter starts college? Assume she makes no further deposits or withdrawals.

Reference no: EM13257473

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