Question: No More Pencils, Inc., disburses checks every two weeks that average $84,000 and take seven days to clear. How much interest can the company earn

No More Pencils, Inc., disburses checks every two weeks that average $84,000 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. (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!

A mail-order firm processes 4,300 checks per month. Of these, 60 percent are for $33 and 40 percent are for $65. The $33 checks are delayed two days on average; the $65 checks are delayed three days...

No More Pencils, Inc., disburses checks every two weeks that average $89,000 and take seven days to clear. How much interest can the company earn annually if it delays transfer of funds from an...

No More Pencils, Inc., disburses checks every two weeks that average $95,000 and take seven days to clear. How much interest can the company earn annually if it delays transfer of funds from an...

Value of Delay no more pencils, Inc., disburses checks every two weeks that average $57,000 and take seven days to clear. How much interest can the company earn annually if it delays transfer of...

No More Pencils, Inc., disburses checks every two weeks 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...

Value of Delay [LO2) No More Pencils, Inc., disburses checks every two weeks that average $93,000 and take seven days to clear. How much interest can the company earn annually if it delays transfer...

No More Pencils, Inc., disburses checks every two weeks that average $52,800 and take seven days to clear. How much interest can the company earn annually if it delays transfer of funds from an...

No More Pencils, Inc., disburses checks every two weeks that average $61,700 and take seven days to clear. How much interest can the company earn annually if it delays transfer of funds from an...

No More Pencils, Inc., disburses checks every two weeks that average $97,000 and take seven days to clear. How much interest can the company earn annually if it delays transfer of funds from an...

No More Pencils, Inc., disburses checks every two weeks that average $93,000 and take seven days to clear. How much interest can the company earn annually if it delays transfer of funds from an...

A toy chest and its contents have a combined weight of 180N. The coefficient of static friction between toy chest and floor is 0.42.The child in Figure attempts to move the chest across the floor by...

What will be the impact of the 2008 ADA Amendments Act? Explain your answer

true or false: if a firm raises capital by selling new bonds, it is calling the "issuing firm" and the coupon rate

Question 9 All of the following make up employee payroll tax EXCEPT a . unemployment. b . Medicare. c . sales tax. d . Social Security.

KEY QUESTION What assumptions about a rivals response to price changes underlie the kinked-demand curve for oligopolists? Why is there a gap in the oligopolists marginalrevenue curve? How does the...

Calculate the missing total-revenue and marginal- revenue amounts, and determine the profit-maximizing price and profit-earning output for this monopolist. What is the monopolists profit? Verify your...

KEY QUESTION Suppose that a price-discriminating monopolist has segregated its market into two groups of buyers, the first group described by the demand and revenue data that you developed for...