Question
The ABC Company has a monthly collected balance of $600,000. Its bank pays an earnings credit rate of 0,75%. The Reserve Requirement Ratio is 10%.
The ABC Company has a monthly collected balance of $600,000. Its bank pays an earnings credit rate of 0,75%. The Reserve Requirement Ratio is 10%. Given 30 days in the month, what is ABC's monthly earnings credit?
| a. | $274.90 | |
| b. | $310.32 | |
| c. | $332.10 | |
| d. | 401.01 |
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Managerial Accounting
Authors: Ray Garrison, Eric Noreen, Peter Brewer
16th edition
1259307417, 978-1260153132, 1260153134, 978-1259307416
