Purple Feet Wine, Inc., receives an average of $13,000 in checks per day. The delay in clearing is typically three days. The current interest rate is 0.017 percent per day. |
a. | What is the company's float? |
Company's float | $ |
b. | What is the most Purple Feet should be willing to pay today to eliminate its float entirely? |
Maximum payment | $ |
c. |
What is the highest daily fee the company should be willing to pay to eliminate its float entirely? (Round your answer to 2 decimal places. (e.g., 32.16)) |
Maximum daily charge | $ |
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