On an average day, your firm receives $2,200 in cheques from customers. These cheques are processed and clear the bank in an average of 3 days. The applicable daily interest rate is .02
Percent. What is the present value of the float? Assume each month has 30 days.
A) $3,300
B) $3,366
C) $3,960
D) $6,600
E) $6,732
Correct Answer:
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