Delays transfer of funds from interest-bearing account

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Reference no: EM131347258

No More Pencils, Inc., disburses checks every two weeks that average $83,000 and take six 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 six days? Ignore the effects of compounding interest.

Reference no: EM131347258

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