No More Pencils, Inc., disburses checks every two weeks that average $97,000 and take seven days to
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No More Pencils, Inc., disburses checks every two weeks that average $97,000 and take seven days to clear. How much interest can the company earn annually if it delays transfer of funds from an interest-bearing account that pays .011 percent per day for these seven days? Ignore the effects of compounding interest.
CompoundingCompounding is the process in which an asset's earnings, from either capital gains or interest, are reinvested to generate additional earnings over time. This growth, calculated using exponential functions, occurs because the investment will...
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The interest that the company could earn will be t...View the full answer
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Related Book For 
Fundamentals of Corporate Finance
ISBN: 978-0077861704
11th edition
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
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