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23. A firm receives 12 checks per month from customers. Average payments and clearing times are: 4 checks for $11,000 (per check). 2 days; and 8 checks for $17.000(per check). 5 days. Assume a 30-day month.

(i) What are average daily receipts?

(ii) What the weighted average delay of the receipts

(iii) What is the average daily float?

Give a one-sentence interpretation of the result in part (iii)

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92756573

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