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Calculate the average daily float

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The Lawrence Stone-Age Pottery Co. receives 50 cheques per month from customers. Average payments and clearing times are as follows: five cheques for $21,000, two days; 15 cheques for $58,000, three days; 25 cheques for $37,000, four days; and five cheques for $10,000, five days. Calculate the average daily float, assuming a 360-day year.

Reference no: EM132714360

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