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