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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

What number of days in a year is used by most banks and businesses and all federal government agencies as the base in computing interest?

To determine

State the number of days in a year used by most banks and businesses and all federal government agencies as the base in computing interest.

Explanation

Rate of interest:

The amount of interest charged on note is known as rate of interest.

Most of the banks and businesses and all federal government agencies use 365 days as basis for calculating interest on daily basis...

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