On any given day, Daisy's receives and deposits numerous checks worth an average combined total of $3,428.The funds from these checks are generally available in 1.6 days.Every day the firm mails out checks totaling $2,850 that generally take 1.9 days to clear the bank.What is the amount of the disbursement float if the opening bank balance was $945 with no outstanding items?
A)$5,388
B)$5,505
C)$4,560
D)$5,415
E)$5,700

Question

Quizplus · Accepted Answer

The disbursement float is calculated as the amount of checks mailed out daily multiplied by the time it takes for them to clear. Thus, $2,850 * 1.9 = $5,415.

On Any Given Day, Daisy's Receives and Deposits Numerous Checks