Could someone please answer this
I sort of need it kind of quickly!
Thanks so much!
Cedric has deposited $12,000 into an account that pays 5% interest compounded annually. Daniel has deposited $12,000 into an account that pays 7% simple annual interest. In 15 years Cedric and Daniel compare their respective balances. To the nearest dollar, what is the positive difference between their balances?
Cedric will have 12000 * ( 1/05)^15 ≈ $ 24947.14
Daniel will have 12000 * (.07) * (15) = $ 12600
Difference in balances = 24947 - 12600 = $ 12347