Durco Automotive needs a $1 million balance in its contingency fund 3 years from now. The CFO
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Durco Automotive needs a $1 million balance in its contingency fund 3 years from now. The CFO (chief financial officer) wants to know how much to deposit now into Durco’s high-yield investment account. Determine the amount if it grows at a rate of 20% per year
(a) Simple interest, and
(b) Compound interest.
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