The UpTowner Writes 39 Checks a Day for an Average

question 81

Multiple Choice

The UpTowner writes 39 checks a day for an average amount of $918 each.These checks generally clear the bank 2.5 days after they are written.In addition, the firm generally receives an average of $53,419 a day in checks.The checks that are received are deposited immediately and the funds are generally available the following day.What is the amount of the firm's disbursement float?

• A)$36,086
• B)$89,505
• C)$17,333
• D)$53,419
• E)$106,838

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Definitions:

Cued Recall

A memory recall process where prompts are given to aid the retrieval of information.

Savings

The portion of income not spent on consumption but reserved for future use; in psychology, it also refers to the reduction in time or effort to relearn a previously learned task.

Sequentially

In a sequential order or manner, where events, processes, or items follow one after another in a logical sequence.

Suspects

Individuals believed to possibly be involved in committing a crime or wrongdoing, but not yet proven guilty.