Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Every two weeks, No More Pencils, Incorporated, disburses checks that average $124,000 and take seven days to clear. How much interest can the company earn
Every two weeks, No More Pencils, Incorporated, disburses checks that average $124,000 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 .009 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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started