12,000 funds

Assume both funds generate an annualized 8% with no cash flows in or out. Assume the first fund charges 40 bps per year while the second fund charges 2% upfront on day 1 and a fee of 122 basis points per year. After 30 years, what was the difference in the ending market value of the two funds? Round your answer to the nearest whole dollar. Assume annual management fees are automatically subtracted from annual returns each year.