Purple Feet Wine,Inc

question 99

Multiple Choice

Purple Feet Wine,Inc.receives an average of $6,000 in checks per day.The delay in clearing is typically 4 days.The current interest rate is 0.025 percent per day.Assume 30 days per month.What is the highest daily fee the company should be willing to pay to eliminate its float entirely?

• A)$1.50
• B)$3.00
• C)$3.75
• D)$6.00
• E)$6.50

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