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 $14,600 and one for $5,600. The larger check

image text in transcribed
Your neighbor goes to the post office once a month and picks up two checks, one for $14,600 and one for $5,600. The larger check takes four days to clear after it is deposited; the smaller one takes three days. Assume 30 days in a month. a. What is the total float for the month? b. What is the average daily float? (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.) Total float b. Average daily float c-1. Average daily receipts c-2. Weighted average delay days

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

Finance Bundling And Finance Transformation

Authors: Frank Keuper, Kai-Eberhard Lueg

1st Edition

3658042109, 978-3658042103

More Books

Students also viewed these Finance questions

Question

What neurochemical and brain changes are central to dementia?

Answered: 1 week ago

Question

Describe forecasting requirements.

Answered: 1 week ago