Piscataway sells discount notes with a face value of $2,000 and proceeds of $1,700. The term of each note is 5 years. (You should be able to confirm that the simple discount rate is 3%).

a. If Piscataway must raise $800,000, how many of these notes must it sell?

b. This problem could be viewed as a simple interest transaction rather than a simple discount transaction. What is the simple interest rate corresponding to the values in this scenario?