Could someone please answer this

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