Answer:
$5564.87
Step-by-step explanation:
We are to determine the difference between the future values of each investment
The formula for calculating future value:
FV = P (1 + r)^mn
FV = Future value
P = Present value
R = interest rate
N = number of years
m = number of compounding
Madeline
P = Present value = 51,000
R = interest rate = 0.06125 / 365 = 0.000168
N = number of years = 13
m = number of compounding = 365
51,000 x (1.000168)^4745 = 113,070.20
Harper
51,000 x (1.004792)^156 = 107,505.33
Difference = 113,070.20 - 107,505.33 = $5,564.87
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