Solved

On an Average Day,Town Center Hardware Receives $2,420 in Checks

Question 66

Multiple Choice

On an average day,Town Center Hardware receives $2,420 in checks from customers.These checks clear the bank in an average of 2.1 days.The applicable daily interest rate is 0.025 percent.What is the maximum amount this store should pay to completely eliminate its collection float? Assume each month has 30 days.


A) $1,152.38
B) $1,288.15
C) $2,109.16
D) $4,637.33
E) $5,082.00

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents