Your firm generally receives 4 checks a month. The check amounts and the collection delay...
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Finance
Your firm generally receives 4 checks a month. The check amounts and the collection delay for each check is shown below. Given this information what is the amount of the average daily float? Assume a 30 day month.
Item Number
Item Amount
Delay
1
$1,500
2 days
2
$3,900
1 day
3
$6,100
3 days
4
$4,200
2 days
A. $1,120
B. $2,333
C. $2,640
D. $2,900
E. $3,416
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