Your neighbor goes to the post office once a month and picks up two checks, one for $16,000 and one for $5,000. The larger check takes 5 days to clear after it is deposited; the smaller one takes 8 days. Assume 30 days per month.

1. What is the total float for the month?

120,000

$21,000

$153,000

$124,800

$115,200

2. What is the average daily float?

4,000.00

$700.00

$5,100.00

$4,160.00

$3,840.00

3a. What is the average daily receipts?

700.00

$4,000.00

$735.00

$665.00

$714.00

3b. What is the weighted average delay?

5.71 days

7.29 days

6.00 days

5.94 days

5.83 days