. no more pencils, inc., disburses checks every two weeks that
. No More Pencils, Inc., disburses checks every two weeks that average $93,000 and take seven days to clear.
Ignore the effects of compounding interest.
(a) What is the average daily disbursement float?
(b) How much interest can the company earn annually if it delays transfer of funds from an interest-bearing
account that pays .015 percent per day for these seven days?
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