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An online ticket seller processes 8,200 checks per month. of these, 64% are for $39 while the remainder are for $69. The $39 checks have
An online ticket seller processes 8,200 checks per month. of these, 64% are for $39 while the remainder are for $69. The $39 checks have a collection delay of 2.1 days, on average, while the $69 checks are delayed 1.8 days, on average. Assume each month has 30 days. The interest rate is 5.2% per year. What is the maximum amount that should be paid to reduce the weighted average float to 1.5 days?
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