On an average day, your firm receives $32,600 in cheques from customers. These cheques are processed and clear the bank in an average of 2.5 days. The applicable daily interest rate is.02 %. What is the maximum amount your firm should pay to completely eliminate the collection float? Assume each month has 30 days.
A) $33,652
B) $36,630
C) $40,750
D) $81,500
E) $97,800
Correct Answer:
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