Computation of approximate cost of the cash float per day

Reference no: EM1312587

Computation of approximate cost of the cash float per day.

Your firm has average daily receipts of $2,500. These receipts are available after 6 days on average. The interest rate that could be earned is .02% (.0002) per day. What is the approximate cost of the float per day?

Reference no: EM1312587

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