I agree with Brian and dinkelja. If you do the "advanced level" voltage drop formula, it proves this out. Below is from an earlier post...
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In regard to voltage drop, at a reasonable PF (85%) we can use the following information -
Standard chart usage (tables 8 and 9) will get you the following formula -
VD=Q x K x I x D
CM
Q as a Multiplier
For ac dircuits, the dc Resistance Constant (K) must be adjusted for the effects of eddy current and skin effect. The Q-Factor multiplier is calculated by dividing the ac resistance (chapter9 table 9) by the dc resistance (chapter9 table 8.) as listed in the NECode. Eddy currents and skin effect are insignificant for conductors No. 1/0 and smaller and their effects can be ignored.
Here is a q factor table -
Size COPPER ALUMINUM
AVG ... PVC.......AL.......STEEL... PVC.......AL..... STEEL
MCM - Conduit Conduit Conduit Conduit Conduit Conduit
2/0 -- 1.0341 1.0341 1.0341... 1.0062 1.0062 1.0062
3/0 -- 1.0052 1.0704 1.0313... 1.0317 1.0317 1.0317
4/0 -- 1.0197 1.1019 1.0362... 1.0000 1.0000 1.0000
250 -- 1.0097 1.1068 1.0485... 1.0035 1.0626 1.0153
300 -- 1.0256 1.1422 1.0489... 1.0042 1.0749 1.0184
350 -- 1.0354 1.1717 1.0627... 1.0083 1.0909 1.0413
400 -- 1.0280 1.1838 1.0903... 1.0201 1.1153 1.0397
500 -- 1.0465 1.2403 1.1240... 1.0142 1.1321 1.0613
600 -- 1.0748 1.3084 1.1682... 1.0198 1.1615 1.0765