Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
In the most recent month, a company had an average ledger balance of $398,394 with an average daily float of $25,678. Assuming a 30-day month,
In the most recent month, a company had an average ledger balance of $398,394 with an average daily float of $25,678. Assuming a 30-day month, 10% reserve requirement, and a 3.5% earnings credit rate, what is the dollar amount of earnings credit for the month? C$107 $964 $1,031 $1,045
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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