4. 4.

Float and weighted average delay [LO 19.1] Your neighbour goes to the post office once a month and picks up two cheques, one for

$10 700 and one for $4 600. The larger cheque takes four days to clear after it is deposited; the smaller one takes three days. Assume 30 days in a month.

1. What is the total float for the month?

2. What is the average daily float?

3. What are the average daily receipts and weighted average delay?