Problem:
On an average day, a company writes checks totaling $1,500. These checks take 7 days to clear. The company receives checks totaling $1,800. These checks take 4 days to clear. The cost of debt is 9%.
Required:
Question: If the average daily float is $3,300, what is the net present value per day?
- $-0.81
- $-79.41
- $-282.48
- $-297.00
- None of these.
Note: Please solve the given numerical and provide appropriate solution.