a principal amount of $600 was invested at 5% interest. in this lesson, recalculate the interest earned and value of the account, this time calculating the next year's interest on the entire value of...

a principal amount of $600 was invested at 5% interest. in this lesson, recalculate the interest earned and value of the account, this time calculating the next year's interest on the entire value of the account (including previously earned interest), rather than just on the principal amount.

Compute the amount of interest earned during the second year if that amount is 5% of both the principal amount of $600 AND the $30 in interest that was already earned in the first year. Find the new ending value as well. Show work, please.