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Rossiter's Generally Receives 3 Checks a Month in the Amounts

Question 93

Multiple Choice

Rossiter's generally receives 3 checks a month in the amounts of $46,500, $32,000, and $63,800. On average, it takes 1.5 days for the funds from these checks to be added to the firm's available balance at the bank once they have been deposited. What is the amount of the average daily float?


A) $4,743
B) $7,115
C) $14,209
D) $21,506
E) $47,433

Correct Answer:

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