Purple Feet Wine, Inc. receives an average of $6,000 in checks per day. The delay in clearing is typically 3 days. The current interest rate is 0.025 percent per day. Assume 30 days per month. What is the highest daily fee the company should be willing to pay to eliminate its float entirely?
A) $1.50
B) $3.00
C) $3.75
D) $4.50
E) $6.00
Correct Answer:
Verified
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