The BDF Co. receives five cheques per month, each month. The payments and clearing times are: $4,000, two days; $6,000, two days; $3,000, five days; $8,000, three days, and $7,000, four days.
Assume a 360-day year.
What is the weighted average float in receiving the funds?
A) 3.1 days
B) 3.6 days
C) 4.2 days
D) 4.7 days
E) 6.3 days
Correct Answer:
Verified
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