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Loch Alva Inc., disburses cheques every two weeks that average $78,000 and take seven days to clear. How much interest can the company earn annually
Loch Alva Inc., disburses cheques every two weeks that average $78,000 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 0.011 percent per day for these seven days? Ignore the effects of compounding interest.
A.$63.74 |
B.$60.06 |
C.$1,561.56 |
D.$8.085 |
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