On an average day, your firm receives $21,800 in cheques from customers. These cheques are processed and clear the bank in an average of 1.8 days. The applicable daily interest rate is.0185 %. What is the highest daily fee your firm should pay to completely eliminate the collection float? Assume each month has 30 days.
A) $5.42
B) $5.97
C) $6.50
D) $7.26
E) $8.01
Correct Answer:
Verified
Q183: Your chequebook shows you have a $10,000
Q184: Your chequebook shows you have a $10,000
Q185: When you reconciled your chequebook, you had
Q186: Cabin Plans Here generally receives four cheques
Q187: North Woods Auto Supply is considering implementing
Q189: Your firm generally receives 5 cheques a
Q190: MD Groceries currently sets its initial cash
Q191: Your firm receives 85 cheques from customers
Q192: The Eliot Co. needs $210,000 a week
Q193: The Can-Do Company operates 365 days a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents