Each business day on average a company writes checks, Financial Management

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Each business day on average a company writes checks

Each business day, on average, a company writes checks totaling $34,210 to pay its suppliers. The usual clearing time for the checks is 4.6 days. Meanwhile, the company is receiving payments from its customers each day, in the form of checks, totaling $38,515. The cash from the payments is available to the firm after 1.5 days. What is the amount of the firm's average net float?

1. $57,772.50

2. $99,593.50

3. $142,318.00

4. $157,366.00

5. $13,345.50

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