On an Average Day, Towne Hardware Receives $3,028 in Checks

question 21

Multiple Choice

On an average day, Towne Hardware receives $3,028 in checks from customers. These checks clear the bank in an average of 1.84 days. The applicable daily interest rate is .021 percent. What is the maximum amount this store should pay to completely eliminate its collection float? Assume each month has 30 days.

• A) $421
• B) $1,288
• C) $2,109
• D) $4,637
• E) $5,572

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Definitions:

Partial Reinforcement

A conditioning strategy wherein a reward is not administered every time the desired behavior is performed, making a behavior more resistant to extinction.

Continuous Reinforcement

A method of learning that entails giving a reward after every desired behavior.

Ratio Schedule

A schedule of reinforcement where a response is reinforced only after a specified number of responses have occurred.

Partial Reinforcement Effect

The tendency for a response that is reinforced after some, but not all, correct responses to be very resistant to extinction.