a. Bank of America offers a savings account that pays 6 percent simple annual interest rate. Chase offers a savings account that pays 6 percent annual interest rate compounded annually. If you deposit $5,000 for 9 years, which bank will pay you a higher amount and by how much more. Show your calculations.

b.You want to invest $200,000 in a project today. If your objective is to triple this amount in 5 years, what is the implied interest rate?