In economics, interest can be defined as money paid by a borrower to a lender for a credit or a similar liability. Whereas, interest rate is defined by the interest paid over a time period expressed as a percentage of principal. Based on these fundamental understandings, answer all following questions; i. What is the different (by definition) between simple and compound interest? (1 marks) ii. Calculate the amount deposited 1 year ago to have RM30000 now at the interest rate (ROR) of 15% per year. Calculate the amount of interest earned during this time period (4 marks)