On an Average Day, Your fiRm Receives $1,500 in Cheques

On an average day, your firm receives $1,500 in cheques from customers. These cheques are processed and clear the bank in an average of 3.5 days. The applicable daily interest rate is .025
Percent. What is the maximum amount your firm should pay to completely eliminate the collection
float? Assume each month has 30 days.

A) $252.50
B) $1,125.00
C) $2,550.00
D) $3,214.29
E) $5,250.00