
On an average day, WW Co. receives $329,418 in checks from customers. These checks clear the bank in an average of 1.46 days. The applicable daily interest rate is .019 percent. What is the highest daily fee that should be paid to completely eliminate the collection float? Assume each month has 30 days.
A) $110.72
B) $91.38
C) $97.20
D) $62.59
E) $99.17
Correct Answer:
Verified
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