Question

in a typical month, the montrose corporation receives 90 checks totaling $85,000. these are delayed four days, on average. what is the average daily float? assume 30 days in a month.

Answer 1

To find the average daily float, divide the total amount of checks by the number of days. The average daily float for the Montrose Corporation is $2,833.33.

Step-by-step explanation:

To find the average daily float, we need to divide the total amount of checks by the number of days. In this case, the Montrose Corporation receives 90 checks totaling $85,000 in a typical month. Since there are 30 days in a month, we divide $85,000 by 30 to find the average daily float.

Average Daily Float = Total amount of checks / Number of days

Average Daily Float = $85,000 / 30 = $2,833.33

Therefore, the average daily float for the Montrose Corporation is $2,833.33.