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No More Pencils, Incorporated, disburses checks every 2 weeks that average $80,000 and take 8...

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Finance

No More Pencils, Incorporated, disburses checks every 2 weeks that average $80,000 and take 8 days to clear. How much interest can the company earn annually if it delays transfer of funds from an interest-bearing account that pays 0.01 percent per day for these 8 days? Ignore the effects of compounding interest.

Multiple Choice

  • $1,664.00

  • $1,597.44

  • $166,400.00

  • $64.00

  • $1,730.56

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