Our neighbor goes to the post office once a month and picks, Financial Management

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Our neighbor goes to the post office once a month and picks

Our neighbor goes to the post office once a month and picks up two checks, one for $13,900 and one for $4,900. The larger check takes five days to clear after it is deposited; the smaller one takes four days. Assume 30 days in a month.

a. What is the total float for the month?

b. What is the average daily float?

c. What are the average daily receipts?

d. What is the weighted average delay?

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Financial Management: Our neighbor goes to the post office once a month and picks

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