Question
Your neighbor goes to the post office once a month and picks up two checks, one for $15,000 and one for $6,000. The larger check
Your neighbor goes to the post office once a month and picks up two checks, one for $15,000 and one for $6,000. The larger check takes three days to clear after it is deposited; the smaller one takes two days. Assume 30 days in a month. |
a. | What is the total float for the month? |
Total float | $ |
b. | What is the average daily float? (Round your answer to 2 decimal places, e.g., 32.16.) |
Average daily float | $ |
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.) |
Average daily receipts | $ |
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.) |
Weighted average delay | days |
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