4. Let's say you get a S8000 inheritance, and you wisely decide to put it into a long-term investment that pays 7% in simple interest each year. How much interest will you earn at the end of five...

Extracted text: 4. Let's say you get a S8000 inheritance, and you wisely decide to put it into a long-term investment that pays 7% in simple interest each year. How much interest will you earn at the end of five years if you withdrew the interest (did not reinvest the interest) each year? Starting Value of Ending Value of Account Time Interest Earned Account That Year First year Second year Third year Fourth year 8000 8000 8000 8000 Fifth year 8000 Total Interest Earned: Similar to the table above. How much money will you have at the end of five years if you did reinvest the interest earned each year? (Now you are using the "Ending Value of Account" as the "Starting Value" for the next year.) Round answers to the nearest cent. 5. Time Starting Value of Ending Value of Account Interest Earned Account That Year First year 8000 Second year Third year Fourth year Fifth year How much extra did you earn in interest by the end of five years by reinvesting the (Bonus: interest?