On an Average Day, Your fiRm Receives $2,200 in Cheques

question 158

Multiple Choice

On an average day, your firm receives $2,200 in cheques from customers. These cheques are processed and clear the bank in an average of 3 days. The applicable daily interest rate is .02
Percent. What is the present value of the float? Assume each month has 30 days.

• A) $3,300
• B) $3,366
• C) $3,960
• D) $6,600
• E) $6,732

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Definitions:

Extinction

A strategy to weaken a behavior by attaching no consequences to it.

Punishment

A strategy to discourage undesirable behavior by either bestowing negative consequences or withholding positive consequences.

Reinforcement

A strategy to cultivate desirable behavior by either bestowing positive consequences or withholding negative consequences.

Mentoring

A work relationship that encourages development and career enhancement for people moving through the career cycle.