Everyday a company receives an average of Rs 50,000 in the form of cheques. As per the practice, the cheques are deposited with the banker only twice a week: Wednesday and Friday. If the interest rate...

Everyday a company receives an average of Rs 50,000 in the form of cheques. As per the practice, the cheques are deposited with the banker only twice a week: Wednesday and Friday. If the interest rate on bank overdraft is 16%, find out the weekly cost of float.