Problem 19-06 Using Weighted Average Delay [LO1] A mail-order firm processes 5.400 checks per month. Of these, 70 percent are for $44 ond 30 percent are for $76. The $44 checks are delayed three days on average; the $76 checks are delayed four days on average. Assume 30 days in a month. a-1. What is the sverage daily collection floet? (Do not round Intermediate calculations.) Average daily collection float S 33,048 a-2. How do you interpret your answer? (Do not round Intermediate calculations.) On average, there is S 33,048 that is uncollected and not available to the firm, b-1. What is the weighted average delsy? (Do not round Intermediate calculations and round your answer to 2 decimal places, e... 3216.) Weighted average delay 269,440.00 days b-2. Calculate the average daily float. (Do not round Intermediate calculations.) Average daily float How much should the firm be willing to pay to eliminate the float? (Do not round Intermediate calculations.) Maximum payment $ 30,678 b-1. What is the weighted average delay? (Do not round Intermediate calculations and round your answer to 2 decimal places, e.g.. 3216.) Weighted average delay 289,440.00 days b-2. Calculate the average daily fost. (Do not round Intermediate calculations.) Average daily float S C. How much should the firm be willing to pay to eliminate the floor? (Do not round Intermediate calculations.) Maximum payment 5 30,678 d. If the interest rate is 6 percent per year, calculate the daily cost of the floot. (Use 365 days a year. Do not round Intermediate calculations and round your answer to 2 decimal places, e.g. 32.16.) Daily cost of the float S 5.43 e. How much should the firm be willing to pay to reduce the weighted average flost to 2 days? (Do not round Intermediate calculations.) Maximum payment S 13.797