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On an average day, your firm receives $19,200 in cheques from customers. These cheques are processed and clear the bank at an average of 2
On an average day, your firm receives $19,200 in cheques from customers. These cheques are processed and clear the bank at an average of 2 days. The applicable daily interest rate is .02 percent. What is the highest daily fee your firm should pay to completely eliminate the collection float? Assume each month has 30 days.
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