Mutual funds charge an annual fee, called the expense ratio, that usually ranges from about 0.4% to about 1.4% of the amount of money in the account at the end of the year. For instance, if the expense ratio is 0.5% and there is $10,000 in the account at the end of the year, then there would be a charge of 0.005 10000 = $50 in fees. Suppose that John puts $7,000 at the beginning of each year into an IRA and that the funds are invested in a mutual fund earning 5% per year, before expenses. How much more will John have at the end of 12 years if the mutual fund has an expense ratio of 0.4%, as opposed to 1.4% ? John will have $more at the end of 12 years (Round to the nearest cent as needed.)