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On an average day, Wilson & Wilson receives $7,800

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On an average day, Wilson & Wilson receives $7,800 in checks from customers. These checks clear the bank in an average of 1.7 days. The applicable daily interest rate is 0.022% (not 2.2%). What is the highest daily fee this firm should pay to completely eliminate its collection float? Assume each month has 30 days.

 

Paper#33864 | Written in 18-Jul-2015

Price : $24
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