Broker Thompson receives earnest money checks on the following days: Monday $2,000, Wednesday $3,500, Friday $1,800. If Monday is the 5th of the month, by what date must all checks be deposited?
Correct Answer
C) By the 12th (Wednesday)
Each check must be deposited by the third business day after receipt. Monday's check (5th): due Thursday (8th). Wednesday's check (7th): due Monday (10th). Friday's check (9th): due Wednesday (12th). The latest deposit date for all checks is the 12th. Options A and B don't account for the Friday check's deposit deadline. Option D exceeds the statutory requirement.
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