A mail-order firm processes 6.500 checks per month of these, % for and 20% are for $95. The S60 delayed three days on averagethe 595 checks are delayed two days on average. Assume 30 days in a month. (1) What is the average daily collection float? (2) How much should the firm be willing to pay to eliminate the float? (3) the interest rate is 4% per year, calculate the daily cost of the float

. [14 Points) A mail-order firm processes 6,500 checks per month. Of these, 80% are for $60 and 20% are for $95. The $60 checks are delayed three days on average; the $95 checks are delayed two days on average. Assume 30 days in a month. (1) What is the average daily collection float? (2) How much should the firm be willing to pay to eliminate the float? (3) If the interest rate is 4% per year, calculate the daily cost of the float