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) depository transfer cheques should be preferred for amounts under $121,667
B) depository transfers should be preferred for amounts exceeding $121,667
C) wire transfers should be preferred for amounts exceeding $40,556
D) wire transfers should be preferred for amounts exceeding $2,400
Ans: C) wire transfers should be preferred for amounts exceeding $40,556
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