On an Average Day, Your Firm Receives $19,200 in Cheques

question 171

Multiple Choice

On an average day, your firm receives $19,200 in cheques from customers. These cheques are processed and clear the bank in an average of 2 days. The applicable daily interest rate is.02 %. What is the highest daily fee your firm should pay to completely eliminate the collection float? Assume each month has 30 days.

• A) $1.92
• B) $3.84
• C) $4.67
• D) $6.33
• E) $7.68

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Definitions:

Anheuser-Busch

A leading American brewing company known for producing popular beer brands like Budweiser and Bud Light.

Warranty Claims

Requests made by consumers for the repair or replacement of products under warranty due to defects or malfunctions.

Unethical Practices

Actions or behaviors that are considered morally wrong within the confines of business practices, often involving deception or manipulation.

Consumer Code

Guidelines or regulations designed to protect the rights and interests of consumers in the marketplace.