On an Average Day, Your Firm Receives $11,800 in Checks

question 35

Multiple Choice

On an average day, your firm receives $11,800 in checks from customers. These checks clear the bank in an average of 2.1 days. The applicable daily interest rate is 0.015 percent. What is the highest daily fee your firm should pay to completely eliminate the collection float? Assume each month has 30 days.

• A)$3.42
• B)$3.72
• C)$17.78
• D)$34.18
• E)$37.20

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Definitions:

Filter By Form

A feature in database applications that allows users to create filters by entering criteria in a form that resembles a data entry form, enabling more nuanced searches.

Comparative Data

Data that has been collected or presented for the purpose of making comparisons between different objects, subjects, or periods.

Short Text Field

A type of data field in databases designed to hold a small amount of text, typically fewer than 255 characters.

Criterion

A standard, rule, or test on which a judgment or decision can be based, often used in the context of evaluations or querying databases.