Question

A company processes a number of cheques every month. There are two type of cheques. Type 1 has an average amount of $73 and constitutes 61.60% of the total number of cheques. The other type, Type 2, has an average amount of $93. Type 1 cheques take 3 days on average to clear, while Type 2 cheques take 4 days on average to clear. If the total daily (collection) float for the two cheques is $6,840, how many cheques is the company processing every month?

	702
	720
	739
	757
	776

Answer 1

Let "A" be the Number of cheques processed every month
% of type 1 cheque	61.60%
% of type 2 cheque = 1 - 61.60%	38.40%
Daily collection float * 30 = ( cheques processed every month * Type 1 cheque amount * % of Type 1 cheque * Type 1 cheque clearing days ) + ( cheques processed every month * Type 2 cheque amount * % of Type 2 cheque * Type 2 cheque clearing days )
6840 * 30 = ( A * 73 * 61.60% * 3 ) + ( A * 93 * 38.40% * 4 )
205200 = 134.904A + 142.848A
205200 = 277.752A
A = 205200/277.752	739