1. "Use the following information to answer the questions below.

Number of checks processed per year = 25,000

Average face value of checks = $975

Collection float = 10 days

Opportunity cost rate = 3 percent

A.Calculate and interpret total dollar-days of collection float.

b.Calculate and interpret the average dollar-days of collection float.

c.Calculate and interpret the opportunity cost of collection float.

d.Recalculate the opportunity cost of collection float if a spike in interest rates causes the opportunity cost rate to increase to 5 percent."