On an average day,Wilson & Wilson receives $7,800 in checks from customers.These checks clear the bank in an average of 1.7 days.The applicable daily interest rate is 0.022 percent.What is the highest daily fee this firm should pay to completely eliminate its collection float? Assume each month has 30 days.
A) $1.72
B) $2.92
C) $17.20
D) $24.30
E) $29.17
Correct Answer:
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