Freedom Wine Receives an Average of $684,006 in Checks Per

question 57

Multiple Choice

Freedom Wine receives an average of $684,006 in checks per day. The delay in clearing is typically 1.3 days. The current interest rate is .024 percent per day. Assume each month has 30 days. What is the highest daily fee the company should be willing to pay to eliminate its float entirely?

• A) $164
• B) $248
• C) $219
• D) $213
• E) $237

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Definitions:

Upper Epithelial Cells

The cells that are located on the surface layer of an epithelium, acting as a barrier against physical and microbial threats.

Endocrine Gland

A gland in the body that releases hormones directly into the bloodstream to regulate various processes such as growth, metabolism, and mood.

Bloodstream

The flowing body fluid that circulates through the heart, arteries, capillaries, and veins, carrying oxygen, nutrients, and white blood cells throughout the body.

Constipation

A condition characterized by difficulty in passing stool or an infrequent passage of hard stool.