Finance 350 Homework Chapters 19 and 20 Do all calculations using 9 decimal places, retain the 9 decimal places throughout the calculations, then when you report answers round to 2 decimal places. Examples: If the answer is in years: i.e., 9.5576 report 9.56 years. If the answer is in dollars, i.e., $56.987.555 report to the nearest cent $56,987.56. If the answer is in percentage terms i.e., 10.4478% report 10.45% If the answer is in times i.e., 4.783 report 4.78 times. You need to be very precise with rounding and reporting. For instance, if the answer is 9 times you must report 9.00, the homework grading program will count 9 as incorrect, it would count 9.0 as incorrect, everything must be carried or rounded to two decimal places. Another example if the answer is $48,000, you must report 48,000.00 1. Calculating Float In a typical month, the Star Name Corporation receives 280 checks totaling $ 1,400 These are delayed 8 days on average. What is the average daily float? Points: 10 2. Calculating Net Float Each business day, on average, a company writes checks totaling $ 800 to pay its suppliers. The usual clearing time for the checks is 4 days. Meanwhile, the company is receiving payments from its customers each day, in the form of checks, totaling $ 960. The cash from the payments is available to the firm after 1 day. Calculate the company's disbursement float, collection float and net float. a. Disbursement float: $ Points: 2.5 b. Collection float: $ Points: 2.5 c.Net float: $ Points: 2.5 d. If the collected funds were available in 2 days instead of 1, calculate the company's net float Net float: $ Points: 2.5