Illustrate what is the average amount of collection float

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Q. On average, your organization receives 62 checks a day from customers. These checks, on average, are worth $39.90 each and clear the bank in 1.5 days. In addition, your organization disburses 38 checks a day with an average amount of $89.50. These checks clear your bank in 2 days. Illustrate what is the average amount of the collection float?

Reference no: EM13108978

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