Problem 19-06 Using Weighted Average Delay (LO1] A mail-order firm processes 4,600 checks per month. Of these, 70 percent are for $36 and 30 percent are for $68. The $36 checks are delayed three days on average; the $68 checks are delayed four days on average. Assume 30 days in a month. a-1. What is the average daily collection float? (Do not round intermediate calculations.) Answer is complete and correct. Average daily collection float $ 24,104 a-2. How do you interpret your answer? (Do not round intermediate calculations.) Answer is complete and correct. On average, there is $ 24,104 that is uncollected and not available to the firm b-1. What is the weighted average delay? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Answer is complete but not entirely correct. Weighted average delay 3.30 X days b-2. Calculate the average daily float. (Do not round intermediate calculations.) Answer is complete and correct. Average daily float $ 24,104 c. How much should the firm be willing to pay to eliminate the float? (Do not round intermediate calculations.) Answer is complete but not entirely correct. Maximum payment $ 79,543 d. If the interest rate is 5 percent per year, calculate the daily cost of the float. (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Answer is complete but not entirely correct. Daily cost of the float $ 10.89 X e. How much should the firm be willing to pay to reduce the weighted average float to 1.5 days? (Do not round intermediate calculations.) Answer is complete but not entirely correct. Maximum payment $ 36,156 %