Find the Break-Even Size of Wire Transfer If the Cost

question 14

Multiple Choice

Find the break-even size of wire transfer if the cost of wire transfer is $20, the daily interest rate is 0.02 percent and the reduction in float is three days.

• A)$1,000
• B)$25,000
• C)$33,333
• D)$100,000 Interest savings = 0.0002 x 3 days x amount
• Break-even level is obtained by solving
• 0)0006 x transfer = $25

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