No More Pencils, Incorporated, disburses checks every 2 weeks that average $80,000 and take 8...
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Finance
No More Pencils, Incorporated, disburses checks every 2 weeks that average $80,000 and take 8 days to clear. How much interest can the company earn annually if it delays transfer of funds from an interest-bearing account that pays 0.01 percent per day for these 8 days? Ignore the effects of compounding interest.
Multiple Choice
$1,664.00
$1,597.44
$166,400.00
$64.00
$1,730.56
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