Invest an amount of money

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a) You want to invest an amount of money today and receive back twice that amount in the future. You expect to earn 6% interest. Approximately how long must you wait for your investment to double in value?

b) You invested $3,500 ten years ago with an insurance company that has paid you 2% simple interest on your funds. Your friend invested $3,500 ten years ago in a fund that has paid her 2% interest, compounded annually. How much more interest has your friend earned than you over the 10 years?

Reference no: EM133119418

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