1. Use the following information to answer the questions below

number of checks processed per year= 25,000

average face value of the checks= $975

collection float= 10 days

opportunity cost rate= 3%

1. calculate and interpret total dollar days of collection float
2. Calculate and interpret the average dollar days of collection float
3. calculate and interpret the opportunity cost of collection float
4. recalculate the opportunity cost of collection float if a spike in interest rates causes the opportunity cost rate to increase to 5%.