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Hitman42 [59]
3 years ago
13

No More Pencils, Inc., disburses checks every two weeks that average $87,000 and take six days to clear. How much interest can t

he company earn annually if it delays transfer of funds from an interest-bearing account that pays 0.011 percent per day for these six days? Ignore the effects of compounding interest
Business
1 answer:
DerKrebs [107]3 years ago
4 0

Answer:

Interest $1,492.92

Explanation:

The company interest will be the amount of the checks multiplied by the number of days it will delay payment then multiply by the number of weeks that checks will be disbursed times the daily interest rate.

Interest = $87,000(6)(52 / 2)(.00011)

Interest =$522,000×26×0.00011

Interest = $1,492.92

Therefore $1,492.92 is the amount of interest that the company earn annually if it delays transfer of funds from an interest-bearing account that pays 0.011 percent per day for these six days.

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b)blog

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Wal-Mart has taken revolutionary steps over the years to start econ friendly activities to promote ethics and social responsibility.

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6 0
3 years ago
The Operations Manager for Shadyside Savings & Loan orders cash from her home office for her very popular "BIG BUCKS" automa
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