Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Every two weeks, No More Pencils, Inc., disburses checks that average $81,000 and take seven days to clear. How much interest can the company earn

image text in transcribed

Every two weeks, No More Pencils, Inc., disburses checks that average $81,000 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. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Interest

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Public Finance In Theory And Practice

Authors: Holley Ulbrich

2nd Edition

041558597X, 978-0415585972

More Books

Students also viewed these Finance questions

Question

List the components of the strategic management process. page 72

Answered: 1 week ago