Our neighbor goes to the post office once a month and picks up two checks, one for $13,900 and one for $4,900. The larger check takes five days to clear after it is deposited; the smaller one takes four days. Assume 30 days in a month.
a. What is the total float for the month?
b. What is the average daily float?
c. What are the average daily receipts?
d. What is the weighted average delay?