1. ABC Company has an average collection period of 44 days and factors all of its receivables immediately at a 1 percent discount. Assume all accounts are collected in full. What is the firm's effective cost of borrowing?

Enter your answer in percentages rounded off to two decimal points. Do not enter % in the answer box.

2. ABC Company writes 251 checks a day for an average amount of $325 each. These checks generally clear the bank in 2 days. In addition, the firm generally receives an average of $146508 a day in checks that are deposited immediately. Deposited funds are available in 1 days. What is the firm's net float?

Do not enter $ or comma in the answer box. For example, if your answer is $12.345 then enter as 12.35 in the answer box.

3. As of this morning, your firm had a ledger balance of $4294 with no outstanding deposits or checks. Today, your firm deposited 6 checks in the amount of $146 each and wrote 11 checks in the amount of $880. What is the amount of the disbursement float as of the end of the day?

Do not enter $ or comma in the answer box. For example, if your answer is $12.345 then enter as 12.35 in the answer box.