Question: Loch Alva Inc., disburses cheques every two weeks that average $78,000 and take seven days to clear. How much interest can the company earn annually

Loch Alva Inc., disburses cheques every two weeks that average $78,000 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 0.011 percent per day for these seven days? Ignore the effects of compounding interest.

A.$63.74

B.$60.06

C.$1,561.56

D.$8.085

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