How much interest can the company earn annually, Finance Basics

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How much interest can the company earn annually

Problem

Loch Alva Inc. disburses cheques every two weeks that average $76,000 and take five days to clear. How much interest can the company earn annually if it delays transfer of funds from an interest-bearing account that pays 0.011% per day for these five days? Ignore the effects of compounding interest.

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