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On average, LB Inc. receives 138 payments each day with an average value of $42 each. These payments clear the bank in an average of 1.3 days. In addition, it disburses 2.2 checks a day with an average amount of $2,250. These checks clear the bank in two days. What is the average amount of the collection float?

Respuesta :

jepessoa

Answer:

$7,534.80

Explanation:

The average amount of the collection float = number of payments x average value of the payments x average clearing days = 138 payments x $42 per payment x 1.3 days = $7,534.80

The collection float refers to the amount of money that is collected by a bank but is not yet available for use by the depositor due to delays in the bank's internal processes.

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