Gilley Weed Diving Co. has a total monthly disbursement float of $180,000. Assuming 30 days in a month and a money market daily return of 0.018%, what is the company's daily gain from disbursement float?

Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter22: Providing And Obtaining Credit
Section: Chapter Questions
Problem 2MC
Question
Gilley Weed Diving Co. has a total
monthly disbursement float of
$180,000. Assuming 30 days in a
month and a money market daily
return of 0.018%, what is the
company's daily gain from
disbursement float?
Transcribed Image Text:Gilley Weed Diving Co. has a total monthly disbursement float of $180,000. Assuming 30 days in a month and a money market daily return of 0.018%, what is the company's daily gain from disbursement float?
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