On an average day, your firm receives $9,200 in cheques from customers. These cheques are processed and clear the bank in an average of 2.4 days. The applicable daily interest rate is.0215 %. What is the highest daily fee your firm should pay to completely eliminate the collection float? Assume each month has 30 days.
A) $1.58
B) $1.98
C) $2.77
D) $3.67
E) $4.75
Correct Answer:
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