On an Average Day, WW Co

question 31

Multiple Choice

On an average day, WW Co. receives $329,418 in checks from customers. These checks clear the bank in an average of 1.46 days. The applicable daily interest rate is .019 percent. What is the highest daily fee that should be paid to completely eliminate the collection float? Assume each month has 30 days.

• A) $110.72
• B) $91.38
• C) $97.20
• D) $62.59
• E) $99.17

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Definitions:

Income Distribution

The way in which total income is divided among the members of a society, impacting economic inequality and living standards.

Nigeria

A country located in West Africa, known for its population diversity, natural resources, and cultural heritage.

Political Philosophy

A branch of philosophy that examines the nature of politics, government, and society, and analyzes concepts like justice, rights, and the role of the state.

Schools of Thought

Various philosophies or approaches in a discipline that propose distinct methodologies or interpretive frameworks.