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 $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

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

HBR Guide To Finance Basics For Managers

Authors: Harvard Business Review

1st Edition

1422187306, 978-1422187302

More Books

Students also viewed these Finance questions