Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your neighbor goes to the post office once a month and picks up two checks, one for $ 1 3 , 0 0 0 and

Your neighbor goes to the post office once a month and picks up two checks, one for $13,000 and one for $4,000. The larger check takes five days to clear after it is deposited; the smaller one takes four days. Assume 30 days in a month.
a. What is the total float for the month? (Do not round intermediate calculations.)
b. What is the average daily float? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.)
c-1. What are the average daily receipts? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.)
c-2. What is the weighted average delay? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

School Finance A Policy Perspective

Authors: Allan Odden, Lawrence Picus

6th Edition

1259922316, 9781259922312

More Books

Students also viewed these Finance questions

Question

Describe Berkeleys objection to primary qualities.

Answered: 1 week ago