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Jay invested $5,400 twenty years ago with an insurance company that has paid him 5%...

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Finance

Jay invested $5,400 twenty years ago with an insurance company that has paid him 5% simple interest on his funds. Owen invested $5,400 twenty years ago in a fund that has paid him 5% interest, compounded annually. How much more interest has Owen earned than Jay over the past 20 years?

Select one:

a. $3,527.81

b. $2,939.84

c. $5,035.68

d. $3,266.49

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