
On an average day, Towne Hardware receives $3,028 in checks from customers. These checks clear the bank in an average of 1.84 days. The applicable daily interest rate is .021 percent. What is the maximum amount this store should pay to completely eliminate its collection float? Assume each month has 30 days.
A) $421
B) $1,288
C) $2,109
D) $4,637
E) $5,572
Correct Answer:
Verified
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