(Topic 7) The lockbox receipt records for one 30-day month are provided below. The opportunity costs are 10%. What is the annual cost of float rounded to the nearest dollar?

The correct answer is D. $500. See the full explanation below for the reasoning.

Question

(Topic 7)

The lockbox receipt records for one 30-day month are provided below. The opportunity costs are 10%. What is the annual cost of float rounded to the nearest dollar?

Options

A$167
B$385
C$417
D$500

How the community answered

(41 responses)

A
17% (7)
B
2% (1)
C
7% (3)
D
73% (30)

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