23. A firm receives 12 checks per month from customers. Average payments and clearing times are: 4 checks for $11,000 (per check). 2 days; and 8 checks for $17.000(per check). 5 days. Assume a 30-day month.
(i) What are average daily receipts?
(ii) What the weighted average delay of the receipts
(iii) What is the average daily float?
Give a one-sentence interpretation of the result in part (iii)