Josh is investing $4,800 today and wants to receive $6,500 back in the future. Which one of the following statements is correct?

a. The period of time Josh has to wait until he has $6,500 is unaffected by the compounding of interest.

b. The lower the rate of interest he earns, the longer Josh will have to wait for his money to grow to $6,500.

c. Josh will have to wait longer if he earns 6 percent compound interest instead of 6 percent simple interest.

d. The length of time Josh has to wait for his money to grow to $6,500 is directly related to the interest rate he earns.

e. The period of time Josh has to wait is unaffected by the interest rate that he earns.