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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 9% 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?

 Oct 17, 2020
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Cedric in 15 years     12000 (1.05)15  = $ .........

Daniel                        12000 + 12000(.09)(15) = $........

 
 Oct 17, 2020

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