Which of the following is correct about wire transfer of funds, given that wire transfer saves three days, the annual interest rate is 6 percent, and the cost of wire transfer is $20?
A) Wire transfers should be preferred for amounts exceeding $2,400
B) Depository transfer cheques should be preferred for amounts under $121,667
C) Wire transfers should be preferred for amounts exceeding $40,576
D) Depository transfers should be preferred for amounts exceeding $121,667 Daily interest rate x number of days saved x size of transfer = $20
) 06/365 x 3 x size of transfer = $20
Correct Answer:
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