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What is the highest daily fee jkl should pay to eliminate

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Reference no: EM132964401

Problem 1: JKL Tools receives an average of $3,300 a day in cheques. The delay in processing averages 4 days. The current interest rate is.02% per day. What is the highest daily fee JKL should pay to eliminate the float entirely?

Multiple Choice

Option 1: $1.56

Option 2: $1.32

Option 3: $.66

Option 4: $2.33

Option 5: $2.64

Reference no: EM132964401

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