Answered step by step
Verified Expert Solution
Question
1 Approved Answer
No More Pencils, Inc., disburses checks every two weeks that average $76,000 and take five days to clear. How much interest can the company earn
No More Pencils, Inc., disburses checks every two weeks that average $76,000 and take five 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 five days? Ignore the effects of compounding interest. (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