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?

Respuesta :

Answer:

$947

Step-by-step explanation:

12,000(1 + .05/1)^(15*1) = $24,947.14

12,000 + (12,000*.07*15) = $24,600

difference is $947

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