Marketable securities are primarily short-term debt instruments. Time consumed in clearing a check through the banking system. Collection float Availability float 3.
Commercial paper is essentially another term for a junk bond.
Concentration banking increases idle balances. A 30-year Treasury bond with a current annual yield of 8.7 percent. Ninety-day commercial paper with a current annual yield of 6.2 percent. Common stock that has been appreciating in price 8 percent annually, on average, and paying a quarterly dividend that is the equivalent of a 5 percent annual yield. Commercial paper Negotiable certificate of deposit Repurchase agreement T-bills 7.