On an Average Day, Nelson Enterprises Receives $30,500 in Checks

question 41

Multiple Choice

On an average day, Nelson Enterprises receives $30,500 in checks from customers. These checks clear the bank in an average of 3 days. The applicable daily interest rate is.03 %. What is the highest daily fee Nelson Enterprises should pay to completely eliminate the collection float? Assume each month has 30 days.

• A) $3.39
• B) $10.17
• C) $27.45
• D) $30.50
• E) $91.50

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Definitions:

Subliminal Perception

The operation of sensory systems in handling information without the individual's conscious recognition.

Just-noticeable Difference

The smallest change in the intensity of a stimulus that can be detected by a sensory system, also known as the difference threshold.

Detection Threshold

The minimum level of stimulus intensity required for a sensory system to detect a stimulus 50% of the time.

Sensory Overload

A condition in which one or more of the body's senses experiences over-stimulation from the environment, leading to feelings of overwhelmedness or inability to focus.