The Blue Star generally receives only 3 checks a month. The check amounts and the collection delay for each check are shown below. Given this information, what is the amount of the average daily float? Assume every month has 30 days.

Question

Quizplus · Accepted Answer

Average daily float = [($9,100 F1F1F1S1F1F1F10 2) + ($2,900 F1F1F1S1F1F1F10 3) + ($8,400 F1F1F1S1F1F1F10 2]/30 = $1,456.67

The Blue Star Generally Receives Only 3 Checks a Month