Your fiRm Generally Receives 4 Cheques a Month

Your firm generally receives 4 cheques a month. The cheque amounts and the collection delay for each cheque are shown below. Given this information, what is the amount of the average daily
float? Assume that a month has 30 days.

A) $466.67
B) $1,000.00
C) $1,025.00
D) $2,666.67
E) $4,666.67