Your neighbor goes to the post office once a month and picks up two checks, one for

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Your neighbor goes to the post office once a month and picks up two checks, one for $10,700 and one for $4,600. The larger check takes four days to clear after it is deposited; the smaller one takes three days. Assume 30 days in a month.

a. What is the total float for the month?

b. What is the average daily float?

c. What are the average daily receipts and weighted average delay?

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Fundamentals of Corporate Finance

ISBN: 978-1260153590

12th edition

Authors: Stephen M. Ross, Randolph W Westerfield, Robert R. Dockson, Bradford D Jordan

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Question Posted: Jul 17, 2019 11:57 AM

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Your neighbor goes to the post office once a month and picks up two checks, one for

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a Total float 410700 34600 Total float 56600 b The average daily f...View the full answer

Fundamentals of Corporate Finance

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