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Madison Corner writes 24 checks a day for an average amount of $473 each. These...

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Finance

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Madison Corner writes 24 checks a day for an average amount of $473 each. These checks generally clear the bank 3.25 days after they are written. In addition, the firm generally receives 6 checks with an average amount of $526 each. Deposited amounts are available after an average of 2.75 days. What is the amount of the firm's collection float? Multiple Choice $36,894 $32,086 $11,352 $51,343 $88,237 Madison Corner writes 24 checks a day for an average amount of $473 each. These checks generally clear the bank 3.25 days after they are written. In addition, the firm generally receives 61 checks with an average amount of $526 each. Deposited amounts are available after an average of 2.75 days. What is the amount of the firm's collection float? Multiple Choice $36,894 $32,086 $11,352 $51,343 $88,237

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