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Explain why fred will always have more money regardless

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Problem 1: Fred and Wilma are cousins born. They were both born on July 29th 1997. When Fred turned 20 he invested $8,500 and earns 7.5% compound interest. Wilma is planning to invest $17,000 when she turns 40 and will also earn 7.5% compound interest. Who will have more money when they both reach the age of 65, and by how much more? Explain why Fred will always have more money regardless of how long they live.

Reference no: EM132957569

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