Question
Value of Delay [LO2) No More Pencils, Inc., disburses checks every two weeks that average $93,000 and take seven days to clear. How much interest
Value of Delay [LO2) No More Pencils, Inc., disburses checks every two weeks that average $93,000 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 .015 percent per day for these seven days? Ignore the effects of compounding interest.
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International Financial Markets And The Firm
Authors: Piet Sercu, Raman Uppal
1st Edition
1861523548, 978-1861523549
