Answered step by step
Verified Expert Solution
Link Copied!

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

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

Standards Of Value

Authors: Jay E. Fishman, Shannon P. Pratt, William J. Morrison

2nd Edition

1118138538, 978-1118138533

More Books

Students also viewed these Finance questions

Question

Describe the linkages between HRM and strategy formulation. page 74

Answered: 1 week ago

Question

Identify approaches to improving retention rates.

Answered: 1 week ago