Question: 36 Every two weeks, Bergenfield, Inc., disburses checks that average $76,000 and take five days to clear. How much interest can the company earn annually

36 Every two weeks, Bergenfield, Inc., disburses checks that average $76,000

36 Every two weeks, Bergenfield, Inc., disburses checks that average $76,000 and take five days to clear. How much interest can the company earn annually if it delays transfer of funds from an interest-bearing account that pays .011 percent per day for these five days? Ignore the effects of compounding interest. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Interest

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

3. 8. Value of delay [LO 19.2] Every two weeks, No More Pencils Ltd disburses cheques that average $107 000 and take seven days to clear. How much interest can the company earn annually if it delays...

Every two weeks, No More Pencils, Inc., disburses checks that average $107,000 and take seven days to clear. How much interest can the company earn annually if it delays transfer of funds from an...

Every two weeks, No More Pencils, Inc., disburses checks that average $92,000 and take seven days to clear. How much interest can the company earn annually if it delays transfer of funds from an...

Every two weeks, No More Pencils, Inc., disburses checks that average $91,000 and take five days to clear. How much interest can the company earn annually if it delays transfer of funds from an...

Every two weeks, No More Pencils, Inc., disburses checks that average $85,000 and take five days to clear. How much interest can the company earn annually if it delays transfer of funds from an...

Bird's Eye Treehouses, Inc., a Kentucky company, has determined that a majority of its customers are located in the Pennsylvania area. It therefore is considering using a lockbox system offered by a...

Every two weeks, No More Pencils, Inc., disburses checks that average $107,000 and take seven days to clear. How much interest can the company earn annually if it delays transfer of funds from an...

Explain how China was able to maintain an essentially fixed exchange rate between its currency, the yuan, and the dollar from 1995 through 2005. Explain why China would have wanted to maintain this...

The estimated amount of recoverable oil from the field at Prudhoe Bay in Alaska is 1.3 1010 barrels. What is this amount of oil in cubic meters? One barrel = 42 gal (exact), 1 gal = 4 qt (exact),...

The adjusted tax basis of property received by a non - corporate shareholder in a complete

5. Develop a scenario comparing two PH programs and involving the use of a CBA.

3. Read the advice column in your daily paper or an online magazine. Bearing in mind what youve read in this chapter, consider the nature of the interpersonal conflicts discussed. What are the...

Understanding Groups

4. This week, if you have a disagreement with a friend, roommate, romantic partner, family member, or boss, identify one change you could make to manage and resolve the conflict more productively....