Part A:
Given that <span>a man invested $2,000 in savings at 6%. In 19 years, the value of the investment will be:
Part B:
</span>Given that a man invested $2,000 in a mutual fund earning 6.5%<span>. In 19 years, the value of the investment will be:
</span>
Part C:
Given that <span>a man invested $2,000 in savings at 6%. The number of years it will take for the value of the investment to double is obtained as follows:
Let the required number of years be n, then
Therefore, it will take the savings 12 years to double in value.
Part D:
</span>Given that <span>a man invested $2,000 </span><span>in a mutual fund earning 6.5%</span><span>. The number of years it will take for the value of the investment to double is obtained as follows:
Let the required number of years be n, then
Therefore, it will take the investment 11 years to double in value.</span>