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On any given day, a firm receives and deposits numerous checks worth an average combined total of $9,215. The funds from the deposited checks are generally available after two days. Every day, the firm mails out checks totaling $7,300 that generally take three days to clear the bank. What is the amount of the collection float if the opening bank balance was $9,200?

A. $14,230

B. $15,970

C. $18,430

D. $7,300

E. $11,130

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92371225

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