Maverick Unlimited receives an average of 120 cheques a day. The average cheque amount is $40. The delay in processing and clearing averages 2 days and the daily applicable interest rate is .02%.
What is the highest daily fee the firm should pay to completely eliminate its float?
A) $1.18
B) $1.36
C) $1.54
D) $1.87
E) $1.92
Correct Answer:
Verified
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