On an average day, Finley, Inc. receives $3,000 in checks from customers. These checks clear the bank in an average of 2.5 days. The applicable daily interest rate is.05 %. What is the present value of the float? Assume each month has 30 days.
A) $375
B) $1,200
C) $7,500
D) $15,000
E) $24,000
Correct Answer:
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