During a Normal Month, Cunningham's Lumber Receives a Total of 8

question 5

Multiple Choice

During a normal month, Cunningham's Lumber receives a total of 8 checks with a total value of $546,000. On average, it takes 1 day from the date of deposit for the funds from these checks to be available to the firm. Assume each month has 30 days. What is the average daily float?

• A) $18,200
• B) $273,000
• C) $546,000
• D) 8,190,000
• E) $16,380,000

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Definitions:

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