The Montery Co. receives 50 cheques per month from customers. Average payments and clearing times are as follows: five cheques for $21,000, two days; 15 cheques for $58,000, three days; 25 cheques for $37,000, four days; and five cheques for $10,000, five days. Assume a 360-day year. 

What is the average daily float?

Answer rating: 100% (QA)

The average daily float can be calculated by multiplying the average amount of each cheque by the av... View the full answer