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Your firm generally receives 3 cheques a month. A month is defined as a 30-day period. The cheque amounts and the collection delay for each
Your firm generally receives 3 cheques a month. A month is defined as a 30-day period. The cheque amounts and the collection delay for each cheque are: $8,100 with a delay of 3 days; $6,800 with a delay of 4 days; and $2,300 with a delay of 2 days. What is the amount of the average daily float?
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