Sports 'n More receives five checks per month.These checks average $811,$416,$6,420,$22,900,and $8,700.The three larger sized check amounts are available after 1.5 days while the two smaller check amounts are available after one day.What is the weighted average delay?

Question

Quizplus · Accepted Answer

The weighted average delay is calculated by multiplying each check amount by its respective delay, summing these products, and then dividing by the total amount of the checks. The three larger checks ($6,420, $22,900, and $8,700) have a delay of 1.5 days, and the two smaller checks ($811 and $416) have a delay of 1 day. The calculation is as follows:Weighted average delay = [(6,420 + 22,900 + 8,700) * 1.5 + (811 + 416) * 1] / (6,420 + 22,900 + 8,700 + 811 + 416) = (38,020 * 1.5 + 1,227) / 39,247 = 57,030 / 39,247 = 1.45 days, which rounds to 1.48 days when considering the options provided.

Sports 'N More Receives Five Checks Per Month