How much total interest is earned on the original deposit? (Do not round intermediate calculations. Round your answer to 2 decimal places.) How much is interest earned on interest?

The interest earned on interest is determined in the following way.

Explanation:

Calculate the future value as follows:

Future value=Present valuex(1+Interest rate)

=$1500 x (1+8%)⁵

=$1500 x 1.4693280768

=$2,203.9921152

or

$2,203.99

Calculate the total interest as follows:

Total Interest =Future value-Present Value

=$2,203.99-$1500

=$703.99

Calculate the simple interest

Simple interest=(Present value x Rate of interest x No of years)

=$1500 x8% x5

=$600

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answergoing to the symphony;