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valentina_108 [34]
3 years ago
5

Purple Feet Wine, Inc., receives an average of $14,000 in checks per day. The delay in clearing is typically four days. The curr

ent interest rate is .018 percent per day. a. What is the company's float?
Business
1 answer:
Dominik [7]3 years ago
8 0

Answer:

The correct answer is $56,000.

Explanation:

According to the scenario, the given data are as follows:

Average checks per day = $14,000

Days in clearing = 4 days

Interest rate = 0.018% per day

So, we can calculate the company's float by using following formula:

Company's Float = Average checks per day × Days in clearing

By putting the value in the formula, we get

Company's Float = $14,000 × 4

= $56,000

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