Firm should pay to completely eliminate its float

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Reference no: EM131520419

Maverick Unlimited receives an average of 120 payments each day. The average payment amount is $40. The delay in processing and clearing averages 2 days and the daily applicable interest rate is .02%. What is the highest daily fee the firm should pay to completely eliminate its float? Ignore the time value of money for this calculation.

Reference no: EM131520419

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