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On average, your firm receives 65 checks a day from customers. These checks, on average, are worth $39.90 each and clear the bank in 1.5 days. In addition, your firm disburses 38 checks a day with an average amount of $89.50. These checks clear your bank in 2 days. What is the average amount of the collection float? $2,473.80 $3,401.00 $3,890.25 $5,101.50 $6,802.00

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abiolataiwo2015

Answer:

$3,890.25

Explanation:

Calculation to determine the average amount of the collection float

Using this formula

Collection float =Average Checks received ×Average checks worth×Bank checks clearing numbers of days

Let plug in the formula

Collection float =65 x $39.90 x 1.5 days

Collection float = $3,890.25

Therefore the average amount of the collection float will be $3,890.25

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