Your firm receives 10 cheques per month.Of these,6 are for €1,000 and 4 are for €500.The delay for the €1,000 cheques is 5 days,and the €500 cheques are delayed 8 days.Calculate the average daily float.

Question

Quizplus · Accepted Answer

The average daily float is calculated by multiplying the amount of each cheque by the number of cheques and the delay, summing these products, and then dividing by the total number of days in the month. ((6 * €1,000 * 5) + (4 * €500 * 8)) / 30 = €1,533.33.

Your Firm Receives 10 Cheques Per Month