Firm be willing to pay to reduce the weighted average float

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A mail-order firm processes 4,300 checks per month. Of these, 60 percent are for $33 and 40 percent are for $65. The $33 checks are delayed two days on average; the $65 checks are delayed three days on average. Assume 30 days in a month.

How much should the firm be willing to pay to reduce the weighted average float to 1.5 days?

Reference no: EM131334595

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