If the VF Corporation deposits $20 million of its retained earnings in an aggressive stock ownership fund for only 1 year, what will be the difference in the total amount accumulated (i.e., F) at 18% per year, compounded monthly versus 18% per year simple interest?
What will be an ideal response?
Compound: F = 20,000,000(F/P,1.5%,12)
= 20,000,000(1.1956)
= $23,912,000
Simple: F = 20,000,000(1.18)
= $23,600,000
Difference = 23,912,000 – 23,600,000
= $312,000
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Fill in the blank(s) with correct word
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