Answer:
Final answer is $12696.
Explanation:
Given that initial amount P = $28000
Interest rate r = 5.8% = 0.058
Time = 1 year
Then future value is given by :


Similarly calculate future value for 2nd case:
Given that initial amount P = $16000
Interest rate r = 5.8% = 0.058
Time = 1 year
Then future value is given by :


then difference = 29624 - 16928 = 12696
Hence final answer is $12696.