Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Purple feet wine recieves an average of 21,000 in checks per day. The delay in clearing is typically two days. The current interest rate is
Purple feet wine recieves an average of 21,000 in checks per day. The delay in clearing is typically two days. The current interest rate is .016 percent per day. What is the highest daily fee the company should be willing to pay to eliminate its float entirely?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started