On average,your firm receives 65 checks a day from customers.These checks,on average,are worth $39.90 each and clear the bank in 1.5 days.In addition,your firm disburses 38 checks a day with an average amount of $89.50.These checks clear your bank in 2 days.What is the average amount of the collection float?
A) $2,473.80
B) $3,401.00
C) $3,890.25
D) $5,101.50
E) $6,802.00
Correct Answer:
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