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Cleaner's Inc. is switching to paying employees every 2 weeks rather than weekly and will therefore"skip"...

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Finance

Cleaner's Inc. is switching to paying employees every 2 weeksrather than weekly and will therefore"skip" 1 week's pay. The firmhas 25 employees who work a 60-hour week and earn an average wageof $12.50 per hour. Using a 10% rate of interest, how much willthis change save the firm annually?

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Saving from the change Present value of 1week payment    See Answer
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