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On any given day, a firm receives and deposits numerous checks worth an average combined total of $9,215. The funds from the deposited checks are
On any given day, a firm receives and deposits numerous checks worth an average combined total of $9,215. The funds from the deposited checks are generally available after two days. Every day, the firm mails out checks totaling $7,300 that generally take three days to clear the bank. What is the amount of the collection float if the opening bank balance was $9,200?
A. $14,230
B. $15,970
C. $18,430
D. $7,300
E. $11,130
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