1) You and your friend each have $9847 to invest.

You choose PNC bank, which uses compound interest and offers an annual rate of 4.7% compounded yearly.

Your friend chooses Citizen's bank, which uses simple interest.

If you both have the same amount in your account after 12 years, what is the simple interest rate at Citizen's bank?

Your answer should be a percent rounded to the nearest tenth place (for example: 4.1%).

2) Ron and Jen each have $9301 to invest.

Ron chooses a CD at Chase bank, which uses compound interest and offers a rate of 2.9% compoundedmonthly.

Jen chooses a savings account at Wells Fargo, which uses simple interest and offers an annual rate of 4.1%.

How long will Jen have to wait to earn the same amount of interest that Ron will earn in 11 years?

Round your answer to the nearest year.

3) Margaret and Toni each have the same amount to invest.

Margaret chooses a T-Bill with a maturity value of $8170 and a discount rate of 2.7% for 18 years.

Toni chooses a CD, which uses continuous compound interest and offers an annual rate of 2.1%.

How much will Toni have in her account in 9 years?

Round your answer to the nearest dollar. Do not use a dollar sign in your answer.