On an Average Day,Town Center Hardware Receives $2,420 in Checks

question 73

Multiple Choice

On an average day,Town Center Hardware receives $2,420 in checks from customers.These checks clear the bank in an average of 2.1 days.The applicable daily interest rate is 0.025 percent.What is the maximum amount this store should pay to completely eliminate its collection float? Assume each month has 30 days.

• A)$1,152.38
• B)$1,288.15
• C)$2,109.16
• D)$4,637.33
• E)$5,082.00

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