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?
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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