Problem:
Your neighbor goes to the post office once a month and picks up two checks, one for $13,400 and one for $4,400. The larger check takes three days to clear after it is deposited; the smaller one takes two days. Assume 30 days in a month.
Required:
Question 1: What is the total float for the month?
Question 2: What is the average daily float?
Question 3: What are the average daily receipts?
Question 4: What is the weighted average delay?
Note: Explain all calculation and formulas.