Average Cash Balance. Dane Company’s weekly average cash balances are: Week Average Cash Balance 1 $15,000 2 19,000 3 12,000 4 17,000 Total $63,000 (a) What is the monthly average cash balance? (b)...

Average Cash Balance. Dane Company’s weekly average cash balances are:

Week Average Cash Balance

1 $15,000

2 19,000

3 12,000

4 17,000

Total $63,000

(a) What is the monthly average cash balance? (b) Assuming an annual interest rate 15 percent, what is the monthly rate of return earned on the average cash balance?