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Your firm generally receives 4 checks a month. The check amounts and the collection delay for each check is shown below. Given this information, what
Your firm generally receives 4 checks a month. The check amounts and the collection delay for each check is shown below. Given this information, what is the amount of the average daily float? Assume a 30-day month. |
Item Number | Item Amount | Delay |
1 | $9,600 | 5 |
2 | $9,500 | 3 |
3 | $10,400 | 4 |
4 | $4,100 | 3 |
$9,813.33
$8,296.67
$5,466.67
$8,693.33
$4,346.67
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