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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?

 Feb 14, 2021
 #1
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Cedric   balance     12000 (1+ .05)15

 

Daniel balance   12000  +   12000 x .07 x 15                   you can take it from here cheeky

 Feb 14, 2021

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