The effects of compounding interest

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Reference no: EM131608323

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 interest-bearing account that pays .011 percent per day for these seven 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 $

Reference no: EM131608323

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