kasinkei

Your 12% return is cut by 1.5% of fees, so 1.12*0.985= 1.1032, i.e., 10.32%.
Another way of looking at it:
($10,000*(1.12))  0.015 * ($10,000*(1.12)) = first year amount, simplify:
= $10,000*(1.12) (1  0.015)
= $10,000*(1.12) (0.985)
After 25 years, it is:
$10,000*(1.12)^25 * 0.985^25