No More Pencils, Incorporated, disburses checks every 2 weeks that average $55,000 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 0.02 percent per day for these 8 days? Ignore the effects of compounding interest.

No More Pencils, Incorporated, disburses checks every 2 weeks that average $55,000 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 0.02 percent per day for these 8 days? Ignore the effects of compounding interest.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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