Your Firm Has Average Daily Receipts of $2,500

question 19

Multiple Choice

Your firm has average daily receipts of $2,500.These receipts are available after 6 days on average.The interest rate that could be earned is .02% (.0002) per day.What is the approximate cost of the float per day?

• A)$2.50
• B)$3.00
• C)$30.00
• D)$50.00
• E)None of the above.

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Definitions:

Pituitary Gland

A pea-sized gland located at the base of the brain that produces hormones regulating growth, blood pressure, and other important body functions.

Endocrine System

A network of glands in the body that secretes hormones directly into the bloodstream to regulate bodily functions.

Master Gland

A term often used to describe the pituitary gland due to its central role in regulating numerous other endocrine glands in the body.

Growth Hormone

A biochemical substance that promotes growth, cellular reproduction, and the restoration of cells in humans and animals.