In each problem, (1) compute the actual exact interest (365-day year) and (2) estimate the interest by rounding the principal to the nearest hundred dollars. For each estimate, assume that a year has 360 days and use the given suggestion to create a shortcut.
Definitions:
Fixed Compensatory Option Plan
A stock option plan that provides employees with the right to purchase company shares at a fixed price as part of their compensation package.
Service Period
The period of time an employee must work to earn benefits or rights under an employment contract or agreement.
Fair Value
The estimated market price of an asset or liability, reflecting current market conditions rather than historical cost.
Stock Appreciation Rights
A type of bonus compensation given to employees that is equivalent to the appreciation (increase in value) of the company stock over a set period.
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