1. You have two credit cards.  

Credit card 1 has a balance of $7,512.33 with an APR of 21.25% and limit of $10,000.  
Credit card 2 has a balance of $623.34 with an APR of 24.15% and limit of $7,500.
In your own words, which credit card should you focus on paying off first and why?  Be sure to include the credit card AND the reason for paying this one off first.

2. You are looking for an account to invest your $19,000 in.  You want to know how many years it will take to double if the account you are putting it into gets 2% APR.  Using the Rule of 70, how many years should you be expecting to leave it sit?

3. Suppose we deposit $7,300 into a savings account which compounds daily with 5% APY and we want to know how much the account will be worth after two days.  
Using the Simple Interest Formula (I = Prt), show your work for arriving at the account balance after two days.

1. To determine which credit card to focus on paying off first, we need to consider the balances, APRs, and limits of both cards. Let's compare Credit Card 1 and Credit Card 2:

Credit Card 1:
- Balance: $7,512.33
- APR: 21.25%
- Limit: $10,000

Credit Card 2:
- Balance: $623.34
- APR: 24.15%
- Limit: $7,500

In this case, it would be wise to focus on paying off Credit Card 2 first. Here's why:
- The balance on Credit Card 2 is significantly lower compared to the balance on Credit Card 1.
- Although the APR of Credit Card 2 is slightly higher, the difference is not significant enough to outweigh the benefits of paying off the lower balance.
- By paying off Credit Card 2 first, you can reduce your overall debt burden and free up available credit for emergencies or future expenses.
- Additionally, once Credit Card 2 is paid off, you can then redirect the funds you were using to pay it off towards Credit Card 1, accelerating the repayment process.

2. To estimate the time it will take for an investment to double at a given annual percentage rate (APR) using the Rule of 70, divide 70 by the APR. Let's calculate the time required for your investment:

APR: 2%
Time required: 70 / 2 = 35 years

Based on the Rule of 70 with a 2% APR, it is expected that your investment will take approximately 35 years to double.

3. The Simple Interest Formula (I = Prt) can be used to calculate the account balance after a certain period of time. Let's calculate the account balance after two days:

Principal (P): $7,300
Rate (r): 5% (expressed as a decimal: 0.05)
Time (t): 2 days

I = P * r * t
I = $7,300 * 0.05 * 2
I = $730

The interest earned after two days is $730. To find the account balance, we add the interest to the principal:

Account balance = Principal + Interest
Account balance = $7,300 + $730
Account balance = $8,030

The account will be worth $8,030 after two days of compounding daily with a 5% annual percentage yield (APY).