Homework Answers
Option b: 1429
| Average Ledger Balance | 3000000 |
| Less: Deposit float | 300000 |
| Average collecte balance | 2700000 |
| Less: Reserve | 216000 |
| Average Investable balance | 2484000 |
Monthly earnings credit = Average Investable balance*Earnings credit rate*Days in month/Total days in year
= 2484000*0.7%*30/365
= 1429.15
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