How much more would you earn in the first investment than in the second investment? $\$ 47,000$ invested for 40 years at $10 \%$ compounded annually $\$ 47,000$ invested for 40 years at $5 \%$ compounded monthly (i) Click the icon to view some finance formulas. You would earn $\$ \square$ more on the first investment than in the second investment. (Round to the nearest dollar as needed.)

Step 1 ：After 40 years, at a ten percent annual interest rate, the first investment will have grown to \(47000 \cdot 1.10^{40} = 2262446.98\), rounded to the nearest dollar.

Step 2 ：The second investment has a five percent annual interest rate, but compounded monthly, so each month, the investment is compounded at the rate of \(5/12 = 0.4167\) percent. In 40 years, there are 480 months, so the second investment will have grown to \(47000 \cdot 1.004167^{480} = 313688.57\), rounded to the nearest dollar.

Step 3 ：The difference is then \(2262446.98 - 313688.57 = 1948758.41\), rounded to the nearest dollar, which is \(\boxed{1948758}\).