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Cedric has deposited 12,000 dollars into an account that pays 5% interest compounded annually.

 

Daniel has depoisted 12,000 dollars 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?

 May 30, 2021
 #2
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In 15 years cedric will have     12000 ( 1+ .05)15

 

                       daniel will have    12000 + 12000*15*.07          you can finish.......

 May 30, 2021

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