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Effect of change was to delay check

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On accepting the position of chief executive officer and chairman of Muse Inc., Dominic Howard changed the firm's weekly payday from Monday afternoon to the following Friday afternoon. The firm's weekly payroll was $100 million, and the cost of short-term funds was 5%. If the effect of this change was to delay check clearing by 1 week, what annual savings, if any, were realized?

Reference no: EM132584731

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