Mike and Steve are twins who have just graduated from college. Both need a reliable car for work. Each has received a graduation gift of $98795 from their generous grandaunt. Mike spends his entire gift on a rather nice BMW. Meanwhile, Steve puts half of his money into an investment account earning 11.8% per year and uses the other half of his gift money to purchase a pretty decent Toyota.

Both twins are expected to retire in 44 years. Based on just this single decision, how much more would Steve have for retirement assuming annual compounding?

Report your answer in dollars and cents.