A company has to pay 400000 annually in checks find the, Financial Management

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A company has to pay 400000 annually in checks find the

A Company has to pay $400,000 annually in checks. The bank charges 6¢ per check, plus $12 monthly service fee. The company writes 480 checks a year. It keeps all incoming cash in a brokerage account that pays 4% interest. The cost of each transfer of money is $70. Find the total cost of this system per year.

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Financial Management: A company has to pay 400000 annually in checks find the

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